Ethereum Bulls Stall Decline as Bears Retest $1,000 Support

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Ethereum ETH) Current Statistics
The current price: $1,104.85
Market Capitalization: $134,562,695,703
Trading Volume: $27,411,264,653
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis June 16, 2022
Ethereum’s (ETH) price is in a downtrend as bears retest $1,000 support. Ether declined to the low of $1,105 at the time of writing. Before the recent decline, Ether’s price has been fluctuating above the $1,701 support. The support was the previous low of May 12. On June 10, the bears broke below the previous low to reach the current price level. Presently, Ether bulls have been defending the $1,000 support as beards threaten to break below it. In the meantime, the market is fluctuating between $1,000 and $1,250 price levels.

ETH Technical Indicators Reading
Ether is at level 20 of the Relative Strength Index for period 14. The altcoin is trading in the oversold region of the market. The downtrend ought to subside as the market reaches the oversold region. Ether’s price bars are below the moving averages indicating a further decline in Ether. It is above the 20% range of the daily stochastic. The market is in bearish momentum.

Conclusion
Ethereum is trading in the bearish trend zone as bears retest $1,000 support. The bears are retesting the current support to break below 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 $1,341.98. From, the price action, Ether has fallen below the Fibonacci extension.

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