Ethereum (ETH) Price Analysis: Ethereum Trades Marginally, May Face Rejection at Recent High

Key Highlights
Ethereum fluctuates between levels $2,600 and $3,200
Ether may slump to level $2,035

Ethereum ETH) Current Statistics
The current price: $3,006.72
Market Capitalization: $353,835,854,770
Trading Volume: $21,809,764,847
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis September 26, 2021
After the September 21 bearish impulse, Ethereum’s (ETH) price fell to the low of $2,656 as bulls bought the dips. For the past week, the biggest altcoin has been fluctuating between $2,600 and $3,200. The uptrend will resume if price breaks above the $3,400 high. Also, the market will decline if the bears break below the $2,600 support. Meanwhile, on September 7 downtrend; a retraced candle body tested the 50 % Fibonacci retracement level. The retracement indicates that Ether will fall to level 2.0 Fibonacci extension or level $2,042.61.

ETH Technical Indicators Reading
Ether’s price is at level 42 of the Relative Strength index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. Ether is having a bearish crossover as the 21-day SMA crosses over the 50-day SMA. The coin is above the 40% range of the daily stochastic. It indicates that the market is in the bullish trend zone. The biggest altcoin is rising but may face stiff resistance at a recent high.

Conclusion
On the 4-hour chart, Ethereum is in a downward move. The bears are finding penetration difficult at the low of $2,656. The downtrend will resume if the previous low is breached. Meanwhile, on September 21 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that Ether will fall to level 1.618 Fibonacci extension or level $2,042.16.

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