Ethereum Declines to $1,907 Low as It Revisits the $2,200 High

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Ether reaches to $1,907 low and pulled back
ETH/USD is in a downward correction

Ethereum ETH) Current Statistics
The current price: $2,009.24
Market Capitalization: $242,800,964,232
Trading Volume: $19,481,178,496
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis May 19, 2022
Ethereum’s (ETH) price is in a downward correction as it revisits the $2,200 high. Ether’s price has continued to fluctuate between $1,763 and $2,200 price levels. Since May 12, the price fluctuation has been limited within this price range. The downtrend will resume if the bears break below the $1,763 support. The long candlestick’s tail on May 12 has indicated that the current support has strong buying pressure. On the downside, Ether will be in a range-bound move between $1,763 and $2,200 price levels if the bears break below the current support.

Ethereum Declines to $1,907 Low as It Revisits the $2,200 High
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Because of the upward correction, ETH is at level 36 of the Relative Strength Index for period 14. The altcoin is still in the bearish trend zone despite the brief uptrend. The 21-day line and the 50-day line SMA are sloping southward indicating the downtrend. Ether is above the 25% range of the daily stochastic. The market is in a bullish momentum

Conclusion
Ethereum has continued its sideways move since May 12 as it revisits the $2,200 high. Neither the bulls nor the bears have broken the range-bound levels. 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 $1,460.33.

Ethereum Declines to $1,907 Low as It Revisits the $2,200 High
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.