Ethereum (ETH) Price Analysis: Ether Recovers, Battles Resistance at $3,000

Key Highlights
Ethereum breaks above the moving averages
The biggest altcoin approaches the high of $3,000

Ethereum ETH) Current Statistics
The current price: $2,821.03
Market Capitalization: $331,092,790,021
Trading Volume: $48,413,395,855
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis May 26, 2021
On May 23, Ethereum plunged to $1,755 low as bulls bought the dips. The biggest altcoin has resumed upward move as price attempts to break above the 50-day SMA. Ether is trading at $2,915 at the time of writing. The crypto will be out of downward correction if price breaks above the $3,250 support. On May 20, the bulls retested the $3,000 high, and Ether dropped to the previous low at $1,750. The price indicator has signified that the market has reached the overbought region. It is unclear if the bullish momentum will continue.

ETH Technical Indicators Reading
Ethereum price has risen to level 48 of the Relative Strength Index period 14. It indicates that the altcoin is in the bearish trend zone and it is capable of falling on the downside. The crypto is above the 80% range of the daily stochastic. It indicates that price has reached the overbought region.

Conclusion
Ethereum is likely to rise despite the minor resistance at the recent high. On the 4-hour chart, Ethereum has broken above the moving averages which indicate a possible upward move. Meanwhile, on May 25 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 level $3,363.62.

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