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

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.

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.

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