Ethereum Faces Rejection at $3,500 as the Altcoin Holds Above $3,177

Ether faces rejection at $3,500 high
ETH/USD holds above $3,177 support

Ethereum ETH) Current Statistics
The current price: $3,213.95
Market Capitalization: $387,444,117,239
Trading Volume: $25,630,283,998
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis April 6, 2022
Ethereum’s (ETH) price is declining as altcoin holds above $3,177. On April 3, buyers pushed the altcoin to the high of $3,578. Ether has resumed a downward move as it fell above the 21-day SMA. It will resume a fresh uptrend if price holds above the moving averages. Nonetheless, if price breaks below the moving averages, the downtrend will resume. The largest altcoin will be compelled to a range-bound move if the it falls between the moving averages. Today, Ether is trading at $3,222 at the time of writing.

ETH Technical Indicators Reading
Ether’s price bars are above the moving averages which could propel the altcoin to rise.The altcoin has fallen to level 52 of the Relative Strength Index for period 14. The crypto is in the bullish trend zone despite the earlier retracement. Ether is below the 20% range of the daily stochastic. The market has reached the oversold region. The 50-day line and 21-day line are sloping upward indicating the uptrend

Conclusion
Ethereum has resumed a downward move as altcoin holds above $3,177. Ether has reached bearish exhaustion as it reached the oversold region of the market. Meanwhile, on April 6 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall but reverse at level 1.272 Fibonacci extension or $3,198.

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