Ethereum (ETH) Price Analysis: Ether Resumes Uptrend After a Minor Retracement

Ethereum ETH) Current Statistics
The current price: $1,803.14
Market Capitalization: $207,394,211,073
Trading Volume: $23,213,843,998
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis March 11, 2021
Ethereum’s upward move faces rejection at the $1,880 high. Buyers intended to retest the $2,000 overhead resistance but were repelled. The bulls could not sustain the bullish momentum above $1,800 resistance. Buyers retested the resistance twice before they were overpowered by sellers. Today, Ethereum is retracing on the downside. If price retraces to the 21-day SMA and finds support, the biggest altcoin will begin the resumption of an upward move. Otherwise, the retracement will continue.

ETH Technical Indicators Reading
Presently, the crypto’s price is above the 21-day SMA and the 50-day SMA which indicates that Ethereum is in the bullish trend zone. The coin is capable of a further upward move. However, if the price breaks below the SMAs, Ether will begin a downward move. The coin is at 57 of the Relative Strength Index. This indicates that Ether is above the centerline 50.

Conclusion
Ethereum is still trading in the bullish trend zone despite the retracement. The coin will rise after a retracement. On March 9 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement implies that ETH will rise to level 1.272 Fibonacci extensions or a high of $1,995. 89. The crypto is expected to reverse at the recent high.

Source: https://learn2.trade