Ethereum (ETH) Price Analysis: Ethereum Is Unable to Sustain Above $3,450 as Ether Resumes Downward Correction

Azeez Mustapha
15 September 2021 | Updated: 15 September 2021

Key Highlights
Ethereum rallies to $3,450 but faces rejection
Ether is in a downward correction

Ethereum ETH) Current Statistics
The current price: $3,407.78
Market Capitalization: $400,524,570,835
Trading Volume: $17,451,820,106
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 15, 2021
Ethereum’s (ETH) price is trading between the 21-day and the 50-day SMAs. It is also fluctuating between $3,200 and $3,600. The price movement is restricted within the price range. Ether will resume an uptrend if price breaks above the 21-day SMA and the bullish movement is sustained. Conversely, if the bears break the 50-day SMA or the $3,200 support, the downtrend will resume. Presently, the market is fluctuating upward but in a confined price range. The uptrend is facing resistance at the $3,450 high.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The biggest altcoin is at level 51 of the Relative Strength index period 14. It indicates that there is a balance between supply and demand. Ether is above the 80% range of the daily stochastic. It indicates that the altcoin has reached the overbought region. The crypto is likely to fall as sellers emerge in the overbought region.

Conclusion
Ethereum is yet to trend but fluctuates between levels $3,200 and $3,600. Presently, the upward move is restricted below the resistance at $3,450. The biggest altcoin may fall as the daily stochastic is indicating an overbought condition. The altcoin may retrace to the lower price range at $3,200.

ETH/USD – 4 Hour Chart

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Azeez Mustapha

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.