Ethereum Continues Sideways Move as Bulls and Bears Remain Undecided

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Ether consolidates above the $3,000 support
Ether continues its sideways move

Ethereum ETH) Current Statistics
The current price: $3,046.34
Market Capitalization: $366,834,169,805
Trading Volume: $9,706,240,487
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis April 17, 2022
Ethereum’s (ETH) price is in a downward correction as bulls and bears remain undecided. Ether’s price breaks below the 21-day line SMA but it is above the 50-day line SMA. Since April 11, ETH’s price has been fluctuating between the moving averages. The 50-day line or 21-day line moving averages are yet to be broken as the cryptocurrency continues its range-bound move. For the past week, the largest cryptocurrency has been consolidating above the $3,000 support or the 50-day line moving average. Ether will resume upward if price rebounds and breaks above the 21-day line SMA. Conversely, if the bears break below the 50-day line, the downtrend will resume.

Ethereum Continues Sideways Move as Bulls and Bears Remain Undecided
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 45 of the Relative Strength Index for period 14. The largest cryptocurrency is in the downtrend zone and below the centerline 50. The crypto’s price bars are between the moving averages indicating a possible range bound move of the cryptocurrency. For the past week, the crypto has been fluctuating between the moving averages. The altcoin is below the 80% range of the daily stochastic. The market is in a bearish momentum.

Conclusion
Ethereum is in a downward move as bulls and bears remain undecided. Ether has fallen to the low of $2,951 and has been consolidating above the current support. Meanwhile, on April 6 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall but reverse at level 1.272 Fibonacci extension or $3,042. 70.

Ethereum Continues Sideways Move as Bulls and Bears Remain Undecided
ETH/USD – 4 Hour 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.