Ethereum (ETH) Price Analysis: Ether Trades Marginally below $2,900 Resistance

Azeez Mustapha
10 June 2021 | Updated: 10 June 2021

Key Highlights
Ethereum continues sideways move below the $2900 resistance
The biggest altcoin is likely to fall to $2,094

Ethereum ETH) Current Statistics
The current price: $2,597.80
Market Capitalization: $302,833,961,510
Trading Volume: $35,825,471,327
Major supply zones: $2,800, $3,000, $3,200
Major demand zones: $1,800, $1,600, $1,400

Ethereum (ETH) Price Analysis June 9, 2021
Ethereum is in a sideways move below $2,900 resistance. Ethereum bulls have not been able to break the resistance at level $2,900. Buyers have made three attempts to break the resistance but to no avail. Meanwhile, on May 19 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 1.272 Fibonacci extension or level $1,407.14.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 46 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping and pointing downward indicating the downtrend. Ether is above the 40% range of daily stochastic. This is contrary to the price action.

ETH/USD – 4 Uour Chart

Conclusion
Ethereum is in a sideways move below the resistance at level $2,900. Meanwhile, on June 4 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ethereum will fall to level 2.618 Fibonacci extension or level $2,094.66.


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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.