Ethereum (ETH) Price Analysis: Ethereum Declines, Faces Rejection at Level $3,640

Highlights
Ethereum price faces rejection at level $3,640
Ether falls to the oversold region of the market

Ethereum ETH) Current Statistics
The current price: $3,406.22
Market Capitalization:
Trading Volume: $16,108,502,877
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 10, 2021
Ethereum’s (ETH) price rallied to $3,600 high on October 6 but was compelled to a sideways move. The bulls find penetration difficult at the recent high as the altcoin was repelled. Ether is retracing to the support above the 50-day line SMA. If it finds support above the 50-day SMA, the uptrend will resume. However, if the crypto’s price breaks below the moving averages, the selling pressure will resume.

ETH Technical Indicators Reading
Ether is at level 54 of the Relative Strength index period 14. The altcoin is still in the uptrend zone and capable of a further upward move. Ether has fallen below the 20% range of the daily stochastic. It indicates that the market is in a bearish momentum. As Ether reaches the oversold region, buyers are likely to emerge.


Conclusion
On the 4-hour chart, Ethereum was previously consolidating below the $3,640 resistance. The selling pressure has resumed as the coin faces resistance at the recent high. Meanwhile, on October 8 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ether will fall to level 2.0 Fibonacci extension or level $3,405.79. From the price action, the market has fallen to the low of $3,452 at the time of writing.

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