Ethereum (ETH) Price Analysis: Ethereum Is Confined in a Range as Bulls and Bears Show Indifference

Highlights
Ethereum price shows strong support above $2,600
Ether range-bound move continues for few days

Ethereum ETH) Current Statistics
The current price: $2,920.84
Market Capitalization: $343,844,624,140
Trading Volume: $16,616,551,354
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 29, 2021
Ethereum’s (ETH) price has been fluctuating between $2,800 and $3,200 for the past week. Buyers and sellers have failed to break the range-bound levels as the altcoin continues its range-bound move. Sellers have an added advantage because Ether is trading in the bearish trend zone. Besides, the bears have broken below the previous low at $3,026. Meanwhile, on September 7 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 $2,102.85.

ETH Technical Indicators Reading
Ether has a bearish crossover. That is, the 21-day SMA crosses below the 50-day SMA. This indicates a sell signal. Also, the altcoin is at level 43 of the Relative Strength index period 14. It indicates that the coin is in the downtrend zone and below the centerline 50. Ether is above the 25% range of the daily stochastic. It indicates that the market is in the bullish trend zone. The biggest altcoin is rising but may face stiff resistance at a recent high.

Conclusion
On the 4-hour chart, Ethereum is in a range-bound move. The biggest altcoin has been fluctuating between $2,800 and $3,200. The range-bound levels are yet to broken. Meanwhile, on September 21 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 $2,039.49.

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