Ethereum (ETH) Price Analysis: Ethereum Is Facing Rejection at $3,700, May Resume a Downward Correction


Ethereum price is likely to retrace to $3,400 low
Ether faces rejection at the high of $3,700 resistance

Ethereum ETH) Current Statistics
The current price: $3,595.65
Market Capitalization: $424,737,779,028
Trading Volume: $22,575,713,894
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 5, 2021
Since October 1, Ethereum’s (ETH) price has been trading in the bullish trend zone. The upward move has been hampered because the market reached the overbought region. The biggest altcoin has been retracing from the recent high. The coin is likely to retrace to the low of $3,400. In other words, the altcoin may retrace to the support above the 50-day SMA. If it does, the uptrend will resume on the upside.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 60 of the Relative Strength index period 14. The biggest altcoin is in the uptrend zone and capable of a further upward move. Ether is above the 80% range of the daily stochastic. The daily stochastic bands are sloping downward indicating a downward move. It indicates that the market is in a bearish momentum.

On the 4-hour chart, Ethereum is in a bullish momentum. The bulls broke the initial resistance at $3,500 but were resisted at the $3,700 resistance zone. Meanwhile, on October 2 uptrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that Ether will rise but reverse at level 1.272 Fibonacci extension or level $3,611.73. From the price action, the market has retested 1.272 Fibonacci extension and it is resuming a downward move.

ETH/USD – 4 Hour Chart

You can purchase crypto coins here. Buy Tokens

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

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.