Ethereum (ETH) Price Analysis: Ether Slumps, Unable To Sustain Above $3,360 high

Key Highlights
Ethereum plunges to $3,080 low
Ether reaches oversold region as buyers emerge

Ethereum ETH) Current Statistics
The current price: $3,132.83
Market Capitalization: $367,328,570,643
Trading Volume: $19,435,893,826
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis August 25, 2021
Today, Ethereum’s (ETH) price has dropped to $3,080 low as bulls buy the dips. The current decline was because buyers fail to push Ether above the $3,360 resistance level. The bulls have reached the recent high, retested it before the downward move. The selling pressure has subsided as the altcoin finds support above $3,080 or above the 21-day SMA.

ETH Technical Indicators Reading
The crypto’s price bars are above the 21-day SMA and 50-day SMA which suggests the crypto will rise upward. A break below the SMAs will mean downward movement prices. Also, it is at level 56 of the Relative Strength index period 14. It indicates that the market is in the bullish trend zone and above the centerline 50. ETH/USD is below the 20% range of the daily stochastic. It indicates the altcoin has reached the oversold region. Buyers will emerge soon to push prices upward.

Conclusion
Ethereum is in a downward movement as it fell to the oversold region. It appears the selling pressure has subsided as the bullish candlesticks appear. Meanwhile, on August 24 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the market will fall but reverse at level 1.272 Fibonacci extensions or level $3,086.11. From the price action, the crypto has fallen and revisited the level 1.272 Fibonacci extension. The altcoin is now resuming upward

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