Ethereum (ETH) Price Analysis: Ethereum Is in a Downward Correction, Revisits Level $3,130

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Key Highlights
Ethereum is in a downward correction, consolidates above $3,130
Ether faces rejection at level $3,400

Ethereum ETH) Current Statistics
The current price: $3,298.56
Market Capitalization: $388,536,402,743
Trading Volume: $16,793,042,916
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 13, 2021
After the last bearish impulse, Ethereum’s (ETH) price resumed a downward correction. Ether plunged to $3,030 and pulled back to the previous high. The biggest altcoin corrected upward to level $3,544 but faces rejection. Ether dropped again to the low of $3,148. Today, buyers are struggling to sustain above the $3,400 high. In the meantime, the crypto is fluctuating between levels $3,130 and $3,600. The uptrend will resume if buyers breached the resistance at level $3,400 and the bullish momentum is sustained.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
ETH is at level 49 of the Relative Strength index period 14. It indicates that there is a balance between supply and demand. Ether is below the 80% range of the daily stochastic. It indicates that the altcoin was earlier in the overbought region. Presently Ether is declining on the downside.

Conclusion
Ether is now in a downward correction. Ether’s price broke above the 21-day SMA but faces rejection at $3,400. The biggest altcoin will resume an upward move if price breaks above the moving averages. Presently, the altcoin is falling as price reaches the overbought region.

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.