Ethereum (ETH) Price Analysis: Ether Continues Downward Fall, May Slide to $2309 Low

Ethereum (ETH) Price Analysis: Ether Continues Downward Fall, May Slide to $2309 Low

Key Highlights
Ethereum continues downward move, breaks below $3,000
The biggest altcoin will reach the low of $2,309.39

Ethereum ETH) Current Statistics
The current price: $2,953.80
Market Capitalization: $343,297,452,840
Trading Volume: $49,480,964,678
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis May 19, 2021
Ethereum is continuing the second round of downward correction. In its initial downward move, Ether fell to the low $3,555 on May 13. ETH price corrected upward which was rejected at $4,171.70. The rejection has signaled the resumption of another phase of a downtrend as the biggest altcoin fell to the low of $2,998.10. Meanwhile, on May 13, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ETH is likely to rise to level 2.0 Fibonacci extension or $2,762.76.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has fallen below the 25% range of the daily stochastic. It indicates that the market is in a bearish momentum. The biggest altcoin is approaching the oversold region of the market. The crypto has broken below the 21-day SMA and it is approaching the 50-day SMA. A break below the SMAs suggests a further downward movement of prices.

ETH/USD – 4 Hour Chart

Conclusion
On the 4-hour chart, Ethereum is in a smooth downtrend. At first, the breakdown was at the low of $3,600. The bulls bought the dips and push the altcoin to the high of $4,200. The biggest altcoin was rejected at the $4,200 high. Today, Ether has declined below $3,000. Meanwhile, on May 13 downtrend; a retraced candle body tested the 38.2 % Fibonacci retracement level. This retracement indicates that the coin will fall to level 2.618 Fibonacci extension or the low of $2,309.39.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.