Ethereum (ETH) Price Analysis: Ether Slumps after Rejection at $3,000 High

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Key Highlights
Ether falls into the oversold region
Buyers are likely to Emerge in the oversold region

Ethereum ETH) Current Statistics
The current price: $1,940.73
Market Capitalization: $225,031,087,017
Trading Volume: $41,523,711,924
Major supply zones: $2,000, $2,200, $2,400
Major demand zones: $1,800, $51,600, $1,400

Ethereum (ETH) Price Analysis May 23, 2021
Ethereum has continued its downward move as bears attempt to break the previous low. On May 14, the upward correction was repelled at the $4,250 high. Consequently, Ether fell as bears broke below the moving averages. The biggest altcoin declined to $3,250 support and resumed consolidation above it. The altcoin faced another rejection at the $3,500 high as price dropped to $2,033 low and corrected upward. The upward move was terminated at the $3,000 resistance. Ether has continued the downward move after rejection at the recent high. Meanwhile, on May 13, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that ETH is likely to rise to level 2.618 Fibonacci extension or level $2,279.05

ETH Technical Indicators Reading
Ethereum has fallen to level 33 of the Relative Strength Index period 14. It indicates that the market is approaching the oversold region. The crypto’s price has broken below the moving averages which suggests a further downward movement of price. The 21-day SMA and 50-day SMA are sloping southward.

Conclusion
On the 4-hour chart, Ethereum has broken below the previous low. Meanwhile, on May 19 downtrend; a retraced candle body tested the 50 % Fibonacci retracement level. This retracement indicates that the coin will fall to level 2.0 Fibonacci extension or the low of $537.53.

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