Ethereum Advances but Fails to Sustain Above $3,000

Ethereum (ETH) Current Statistics
The current price: $3,019.74
 Market Capitalization: $363.27B
Trading Volume: $13.78B
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

 Ethereum (ETH) Price Analysis May 15, 2024
Ethereum (ETH) price fell to a low of $2,868 before rebounding but failed to sustain above $3,000. Since April 13, Ether has been recouping above the $2,850 support level after each decline. Previously, the altcoin’s price ranged between $2,908 support and below the moving average lines.

In recent days, buyers attempted to push the altcoin above the moving average lines. The bulls sought to resume their bullish trend but were stymied by the moving average lines. On the upside, a price rebound will break the 21-day SMA resistance and push the bullish momentum above the 50-day SMA.

ETH/USD will achieve its prior highs of $3,600 and $3,800.Today, Ether is advancing toward the moving average lines. If the range-bound move is rejected by the moving average lines, it will continue its range-bound move. At the time of writing, the value of Ether is $2,995.80.

ETH Technical Indicators Reading
Given the recent price bounce, the price bars on the 4-hour chart have risen above the moving average lines. However, the rising trend will be thwarted at the $3,000 high. Nonetheless, Ether remains in the bearish trend zone, which provides the bears an advantage.

 Conclusion  
Ethereum is still trading in a tight range below the moving average lines but fails to sustain above $3,000. The increasing price movement has been limited to a maximum of $3,000. In other words, Ether is trading in a limited band of $2,908 to $3,000. When these levels are breached, the value of Ether will decrease or increase. In the meantime, the crypto signal is positive.

You can purchase Lucky Block 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 results