Ethereum (ETH) Price Analysis: Ethereum in a Downward Correction, Targets $3,149.00 Low

19 September 2021 | Updated: 19 September 2021

Key Highlights
Ethereum revisits its previous low at level $3,351
Ether is in a downward correction

Ethereum ETH) Current Statistics
The current price: $3,305.75
Market Capitalization: $390,343,671,620
Trading Volume: $13,880,292,572
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 19, 2021
Ethereum’s (ETH) price has broken below the 21-day SMA and it is approaching the 50-day SMA. The selling pressure will be accelerated if price breaks below the 50-day SMA. Meanwhile, on September 17 downtrend, a retraced candle body tested the 61.8%
Fibonacci retracement level.The retracement indicates that Ether will fall to level 1.618 Fibonacci extension or level $3,149.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The biggest altcoin is at level 47 of the Relative Strength index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. The crypto’s price is between the moving averages. Ether is below the 20% range of the daily stochastic. It indicates that the altcoin has reached the oversold region. The selling pressure is reaching bearish exhaustion. Buyers are expected to emerge.

Conclusion
Ethereum is in a downward move. Ethereum is likely to further decline as it breaks below the downtrend line. The bears have also broken below the previous low at level $3,351. The downtrend will extend to the low of $3,149.

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.