Ethereum (ETH) Price Analysis: Ether Consolidates Above $3,200, May Retest the 3,500 Resistance Zone

Key Highlights
Ethereum reaches a peak price of $3,500
The biggest altcoin now fluctuates between $3,200 and $3,500

Ethereum ETH) Current Statistics
The current price: $3,339.81
Market Capitalization: $386,953,999,676
Trading Volume: $386,953,999,676
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis May 5, 2021
In its recent rally, Ether reached a high of $3,500 and pulled back to the low of $3,200. Presently, the biggest altcoin is fluctuating between $3,200 and $3,500.The recent retracement and fluctuation were because Ethereum has been in the overbought region since April 28. ETH/USD will further decline $2,600 low if price breaks below $3,200 support.

ETH Technical Indicators Reading
The crypto’s price is above the moving averages which suggests that the altcoin will rise on the upside. Ether is retracing after the rejection. If price retraces and breaks below the resistance line, the uptrend may be interrupted. The uptrend will resume if price finds support above the resistance level.

Conclusion
On the 4-hour chart, Ethereum has retraced to the $3,200 support and there are bullish signals above the current support. The market will resume upward if the current support holds. Meanwhile, On May 4 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the altcoin will rise and reverse at level 1.272 Fibonacci extension or the high of $3,885.11.


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