Ethereum (ETH) Price Analysis: Ether Retraces From $2,950.50 High, Suggests Further Upside Is Imminent

Ethereum (ETH) Price Analysis: Ether Retraces From $2,950.50 High, Suggests Further Upside Is Imminent

Key Highlights
Ethereum has rallied to $3,000 resistance zone, faces rejection at $2,950.50
The biggest altcoin retraces on the downside

Ethereum ETH) Current Statistics
The current price: $2,916.43
Market Capitalization: $337,471,356,737
Trading Volume: $337,471,356,737
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis May 2, 2021
The biggest altcoin has broken above the $2,800 resistance as the market rallied to $3,000 high. Ether is facing difficulty in penetrating the $3,000 resistance level. In the meantime, ETH price is retracing from the recent high. Another possible reason is that the RSI and the daily stochastic have indicated that Ether price has reached the overbought region of the market. Sellers are likely to emerge to push prices down.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The altcoin price has risen to level 74 of the Relative Strength Index period 14. The market is said to be in the overbought region. The implication is that Ether price may experience downward movement prices. The coin is also above the 80% range of the daily stochastic. The daily stochastic has reached overbought condition since April 26.

ETH/USD – 4 Hour Chart

Conclusion
On the 4-hour chart, Ethereum is retracing after rejection from the recent high. It is unclear the extent of the downward move. The uptrend will continue as soon as prices find support. Ethereum is rising after retracing to $2,900 support. Meanwhile, on April 22 uptrend; a retraced candle body tested the 38.2 % Fibonacci retracement level. This retracement indicates that Ethereum will rise to level 2.618 Fibonacci extension or the high of $3,765.91.

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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.