Ethereum (ETH) Price Analysis: Ether Falls on the Downside, Faces Rejection at $2,450

Ethereum (ETH) Price Analysis: Ether Falls on the Downside, Faces Rejection at $2,450

Key Highlights
Ethereum is falling to revisit the previous low at $1,750
The crypto is facing rejection at the $2,450 high

Ethereum ETH) Current Statistics
The current price: $2,361.01
Market Capitalization: $273,579,327,968
Trading Volume: $29,964,927,971
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis May 30, 2021
Ethereum has resumed a fresh downtrend after rejection from the high of $2,900. As a result of the rejection, Ether slumped to $2,200 and corrected upward. The upward correction was interrupted at the $2,450 high. The biggest altcoin is making a series of lower highs and lower lows. Today, the market has continued its downward move as a result of $2,450 rejection. The bears may want to revisit the previous low at $1,750 as the coin falls from the previous highs.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The crypto is below the 21-day and 50-day SMAs which indicate that Ether is in the bearish trend zone. This causes the coin to fall on the downside. The coin has fallen to level 42 of the Relative Strength Index period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is likely to further decline on the downside. In the first downtrend, Ether plunged to a $1,750 low. In the second downtrend, the crypto found support above $2,200 after its rejection from the high of $2,900. The biggest altcoin has resumed an upward move above $2,200 which is also attracting another rejection. The retracement from the $2,450 will continue on the downside.

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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.