Ethereum (ETH) Price Analysis: Ethereum Resumes Downward Correction, Consolidates Above $3,200

Azeez Mustapha
8 September 2021 | Updated: 8 September 2021

Key Highlights
Ethereum fluctuates between levels $3,520 and $3,200
Ether targets levels $3,800

Ethereum ETH) Current Statistics
The current price: $3,506.03
Market Capitalization: $414,109,057,145
Trading Volume: $31,859,210,267
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 8, 2021
Ethereum’s (ETH) price is now in a downward move after the recent breakdown. Ether plunged to $3,026 as bulls bought the dips. The biggest altcoin corrected to $3,520 but was resisted. Since September 7, the crypto has been in a downward correction. ETH/USD now fluctuates between levels $3,200 and $3,520. Today, Ether is retesting the resistance at $3,520 as the altcoin faces rejection. The biggest altcoin will trend if the price breaks the range-bound levels. On the daily chart, Ether broke the 21-day SMA but found support above the 50-day SMA. A break below the SMAs will signal the resumption of the downtrend. The uptrend will resume if price found support above the SMAs.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
ETH is at level 54 of the Relative Strength index period 14. It indicates that the market is in the uptrend zone and capable of resuming on the upside. Ether is above the 80% range of the daily stochastic. It indicates that the altcoin is in the overbought region of the market. Presently Ether is declining on the downside.

Conclusion
On the 1 – hour chart, Ether’s price is in a range-bound move. Ether now fluctuates between levels $3,200 and $3,520. The uptrend will resume if price breaks above $3,520 resistance. The market will reach the previous high of $3,800. The downtrend will resume if the bears break below $3,200 support.

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.