Ethereum Consolidates in a Tight Range, May Decline Below $1,703

Ethereum ETH) Current Statistics
The current price: $1,793.64
Market Capitalization: $217,226,963,247
Trading Volume: $12,568,310,867
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis June 9, 2022
Ethereum’s (ETH) price is in a downward correction as it may decline below $1,703. Previously, the bears have broken above the previous low and found support above the $1,703 low. The current support has been holding since May 27. On May 30, the bulls attempted to break above the 21-day line SMA but were repelled. Ether retraced and found above $1,703. A further upper move has been restricted by the 21-day line SMA. However, if Ether rebounds above the $1,700 support, the bulls will break the 21-day line SMA. Ether will now rally to the 50-day line SMA. On the downside, if the bears break the current support, the market will further decline to $1.370.

ETH Technical Indicators Reading
Ether is at level 38 of the Relative Strength Index for period 14. It is in the bearish trend zone as it approaches the oversold region of the market. Ether’s price bars are below the moving averages indicating a further decline in Ether. It is above the 40% range of the daily stochastic. The market is in bullish momentum.

Conclusion
Since May 27, Ethereum has been in a downward move as it may decline below $1,703. A price rebound above the current support will signal the resumption of the uptrend. The selling pressure will resume if the bears break below the $1.703 support. 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. From, the price action, the Fibonacci tool will hold, if the previous low is breached.

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