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

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 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.

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