Ethereum Breaks Resistance at $1,900 but Hovers above It

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Ethereum ETH) Current Statistics
The current price: $1,907.32
Market Capitalization: $230,456,556,148
Trading Volume: $15,742,036,873
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis May 30, 2022
Ethereum’s (ETH) price rebounds and breaks above the initial resistance at $1,900 but hovers above It. Buyers are struggling to sustain the bullish momentum above the recent high. The current uptrend has reached the range-bound zone where the altcoin fluctuated between $1,900 and $2,200. Ether’s price is approaching the resistance at the 21-day line moving average. On the upside, if the bulls break the 21-day line moving average and the resistance at $2,200, Ether will rally to the 50-day line moving average. Conversely, if Ether faces rejection at the recent high, the altcoin will fall and resume a sideways move between $1,900 and $2,200.

Ethereum Breaks Resistance at $1,900 but Hovers above It
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The crypto is at level 39 of the Relative Strength Index for period 14. Ether is still in the downtrend zone as it struggles to break the initial resistance at $1,900. Ether price bars are below the moving averages which indicate a possible fall of the coin. It is above the 40% range of the daily stochastic. The market is in a bullish momentum. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend.

Conclusion
Ether is making an upward move after recovering above the $1,763 support but hovers above It. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.272 Fibonacci extension or $1,370.14.

Ethereum Breaks Resistance at $1,900 but Hovers above It
ETH/USD – Daily 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.