Ethereum (ETH) Price Analysis: Ethereum Retraces to the $3,353 Support, Uptrend Likely
Login

Ethereum (ETH) Price Analysis: Ethereum Retraces to the $3,353 Support, Uptrend Likely

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Highlights
Ethereum price will fall to the oversold region at $3,353
Ether upward move is likely

Ethereum ETH) Current Statistics
The current price: $3,356.06
Market Capitalization: $394,936,042,777
Trading Volume: $14,968,239,414
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 3, 2021
Ethereum’s (ETH) price has broken above the moving averages. This is an indication of further upward movement of the altcoin. Presently, the altcoin is facing rejection at the $3,480 high. The retracement has fallen below the 20% range of the daily stochastic. It implies that the coin has fallen to the oversold region of the market. In other words, the selling pressure has reached bearish exhaustion. Buyers will emerge to push the altcoin upward. On the daily chart, if price retraces and finds support above the 50-day SMA, the upward move may resume.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Presently, ETH’s price bars are above the 21-day and 50-day SMAs which indicates a further rise of the coin. Ether is at level 54 of the Relative Strength index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50. The altcoin is capable of rising on the upside. Ether is below the 20% range of the daily stochastic. It indicates that the market has reached bearish exhaustion. Buyers are expected to emerge in the oversold region.


Conclusion
On the 4-hour chart, Ethereum has fallen to the oversold region. The selling pressure may have ended. Meanwhile, on October 3 downtrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that Ether will fall but reverse at level 1.272 Fibonacci extension or level $3,353.03.

ETH/USD – 1 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
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News