Ethereum (ETH) Price Analysis: Ether Retraces But Stuck Below $2.360 Resistance

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Key Highlights

Ethereum is stuck below $2,360 resistance
The biggest altcoin fluctuates between $2,275 and $2,350

Ethereum ETH) Current Statistics
The current price: $2,327.71
Market Capitalization: $269,505,078,336
Trading Volume: $38,035,086,526
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis April 23, 2021
Ethereum is in a downward correction as buyers push Ether on the upside. The upward move is facing rejection at the $2,350 high. Meanwhile, on April 6 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that ETH will rise to level 1.272 Fibonacci extensions or the high of $2299.62. At this price level, the altcoin will reverse to the 78.6 Fibonacci retracement level where it originated.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 58 of the Relative Strength Index period 14. ETH is still in the uptrend zone and capable of rising. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

ETH/USD – 1 Hour Chart

Conclusion
On the 4-hour chart, the Ethereum price is stuck below the $2360 resistance level. On April 21 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that Ethereum will rise to level 1.272 Fibonacci extension or the high of $2,419.70. From the price action, the market is retracing from the recent high.

 

 

Source: https://learn2.trade

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