Ethereum Retraces and Finds Support above $3,000, May Retest the Resistance $3,200

Updated:

Ethereum faces rejection at $3,200
ETH/USD targets level $3,400

Ethereum ETH) Current Statistics
The current price: $3,163.51
Market Capitalization: $374,093,018,435
Trading Volume: $12,051,510,260
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis February16, 2022
Ethereum’s (ETH) price is in an uptrend but may retest the resistance $3,200. It is hovering above the moving averages as a result of the rejection from the recent high. If price breaks below the 50-day line moving average, Ether will be compelled to a range-bound move. On the other hand, if price is sustained above the moving averages, Ether will rise and break the resistance at $3,200. The largest altcoin will further rise to $3,400. In the meantime, Ether has retraced and found support above the moving average for a further upward move.

Ethereum Retraces and Found Support $3,000, May Retest the Resistance $3,200
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 54 of the Relative Strength Index for period 14. The altcoin is in the uptrend zone and capable of a further upward move. The crypto’s price is above the moving averages which propel it to rise. Ether is below the 80% range of the daily stochastic but the stochastic bands are sloping upward indicating an upward move.

Conclusion
On the 4-hour chart, the altcoin has resumed an upward move but may retest the resistance $3,200. Ether’s price broke above the moving averages but the uptrend was resisted at the $3,200 high. Meanwhile, on February 16 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. the Retracement indicates that Ether will rise to level 1.618 Fibonacci extension or $423.80.

Ethereum Retraces and Found Support $3,000, May Retest the Resistance $3,200
ETH/USD – 4 Hour Chart

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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.