Ethereum Faces Rejection at the $2,700 High, Risks Further Selling Pressure

Updated:

Ethereum turns from the moving averages
ETH/USD retraces to $2,500 support

Ethereum ETH) Current Statistics
The current price: $2,656.39
Market Capitalization: $318,731,309,796
Trading Volume: $16,698,309,869
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis March 16, 2022
Ethereum’s (ETH) price is in a downward correction as the altcoin risks further selling pressure . Since February 21, buyers have been defending the $2,500 support. At the same time, Ether has been making upward corrections above the moving average but was repelled. The bears have been selling at each rally. Today, if buyers break above the moving averages, it implies that the selling pressure has subsided. Ether will rise and retest the resistance at $3,000 and $3,200. Conversely, if the largest cryptocurrency turns from the moving averages, Ether will fall and break below the current support. The altcoin will further decline to $2,159 low.

Ethereum Faces Rejection at the $2,700 High, Risks Further Selling Pressure
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 50 of the Relative Strength Index for period 14. It implies that there is a balance between supply and demand. Ether is above the 80% range of the daily stochastic. The market has reached the overbought region. The current uptrend may face rejection.

Conclusion
On the 4-hour chart, Ethereum has broken above the moving averages as the altcoin risks further selling pressure. The crypto’s price is in the overbought region. Meanwhile, on March 16 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that ETH will rise to a level 2.618 Fibonacci extension or $3,081.61.

Ethereum Faces Rejection at the $2,700 High, Risks Further Selling Pressure
ETH/USD – 4 Hour Chart

You can purchase crypto coins here. Buy LBlock:



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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 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
Share with other traders!

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.