Ethereum (ETH) Price Analysis: Ether Faces a Minor Resistance at $4,400, May Resume an Upward Move

Key Highlights
Ether price breaks the $4,000 resistance level
It is targeting the high of $4,800

Ethereum ETH) Current Statistics
The current price: $4,292.77
Market Capitalization: $499,626,115,020
Trading Volume: $54,243,430,717
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis May 12, 2021
On May 10, buyers failed to push Ether above the $4,000 resistance level as bears repelled the bullish momentum. The biggest altcoin fell to $3,666 low and pulled back. Ethereum resumed a fresh uptrend and broke the $4000 resistance level. ETH/USD is approaching the high of $4,500 at the time of writing. Nonetheless, the upward move is doubtful as the price indicators show the overbought condition of the coin.

ETH Technical Indicators Reading
Ethereum is in a smooth uptrend. A bullish trend line is drawn showing the support level of price. The uptrend will continue as long as the bullish trend line remains unbroken. Ether is now at level 85 of the Relative Strength Index period 14. The coin is in an overbought region and has no room to rally on the upside. Sellers may likely emerge to push prices down.

Conclusion
On the 4-hour chart, Ethereum is likely to rise on the upside. Meanwhile, on May 10 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. This retracement indicates that the coin will rise to level 1.618 Fibonacci extension or the high of $4,718.06. From the price action, the market has reached the high of $4,347.20

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