Ethereum Corrects Upward as Bulls Hold above $2,850

Ethereum (ETH) Current Statistics
The current price: $3,104.25
 Market Capitalization: $372,785,216,694
Trading Volume: $11,797,517,720
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

 Ethereum (ETH) Price Analysis May 4, 2024
Ethereum (ETH) price is in an upward correction, although below the moving average lines as bulls hold above $2,850. On May 3, buyers attempted to keep the price above the 21-day SMA but were unsuccessful. Should it be rejected at the 21-day SMA, the largest altcoin will return to its $2,824 low.

The downturn will resume if the present support level of $2,800 is broken. The market will drop to a low of $2,700. On the upside, if buyers sustain the price above the 21-day SMA, Ether will resume positive momentum to the previous high.

ETH/USD will ascend to meet resistance at the 50-day SMA or recent highs. Ether is valued at $3,105 at the time of writing. In the meantime, the altcoin is still trading below the moving average lines.

ETH Technical Indicators Reading
For the past three weeks, Ether’s price bars have been below the moving average lines as bears attempt to bring the price down to prior lows. The 21-day SMA has been rejecting rising price movements. The negative trend will terminate if the bulls break above the 21-day SMA.
 
Conclusion  
Ethereum has maintained its range-bound movement as it retests the 21-day SMA as bulls hold above $2,850. The 21-day SMA resistance line has pulled Ether into a restricted range. Ether is now trading above the $2,900 support level, with resistance at $3,100, or the 21-day SMA. The crypto signal is range-bound, as Ether maintains its range-bound trend.  

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