Ethereum Declines Significantly as It Reaches $2,425 Low

Updated:

Ether reaches bearish exhaustion
ETH/USD may resume an uptrend

Ethereum ETH) Current Statistics
The current price: $2,458.60
Market Capitalization: $297,186,414,124
Trading Volume: $19,986,408,145
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis May 8, 2022
Ethereum’s (ETH) price is in a downtrend as it reaches $2,425 low. Today, Ether falls to the low of $2,484 as bulls bought the dips. The market has fallen significantly to the oversold region. The largest altcoin has reached bearish exhaustion. Further downward movement of prices is unlikely. Today, the market is retesting the previous lows of March. On March 13, Ether rebounded above the $2,491 support as the altcoin resumed its uptrend. Today, ETH/USD is trading at $2,425 of press time.

Ethereum Declines Significantly as It Reaches $2,425 Low
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The altcoin is at level 34 of the Relative Strength Index for period 14. The altcoin is still in the bearish trend zone and approaches the oversold region of the market. . The altcoin is below the 20% range of daily stochastic. The market has reached the oversold region. The 21-day line and the 50-day line SMA are sloping southward indicating the downtrend. Buyers are likely to emerge in the oversold region of the market.

Conclusion
Ethereum is in a downward move as it reaches $2,425 low. Ether has reached bearish exhaustion as it retests the previous low of $2,491.Meanwhile, on April 25 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ETH will fall to level 2.0 Fibonacci extension or $2,459.15.

Ethereum Declines Significantly as It Reaches $2,425 Low
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.