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

11 October 2021 | Updated: 11 October 2021

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/USD – Daily Chart

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.

ETH/USD – 4 Hour Chart

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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.