Ethereum Fluctuates Below the $2,800 High as It Risks Further Decline to $2,447

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Ether battles the resistance at $2,800
ETH/USD risks further decline

Ethereum ETH) Current Statistics
The current price: $2,810.66
Market Capitalization: $335,287,433,900
Trading Volume: $15,767,267,498
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis May 1, 2022
Ethereum’s (ETH) price is in a downtrend as it risks further decline to $2,447. Ether’s price is making a series of lower highs and lower lows. The upward move is facing rejection at the high of $2,800. The altcoin will rise to the high of $3,000 if the current resistance is breached. A break above the $3,000 will propel the largest altcoin above the moving averages. This will signal the resumption of the uptrend. Conversely, if the altcoin faces rejection at the $2,800 high, ETH/USD will further decline to the low of either $2,447 or $2,491 price levels.

Ethereum Fluctuates Below the $2,800 High as It Risks Further Decline to $2,447
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The largest altcoin is at level 41 of the Relative Strength Index for period 14. Ether is still in the bearish trend zone and below the centerline 50. The selling pressure will resume if the altcoin faces rejection at the recent high. Ether has a bearish crossover. That is, the 21-day line SMA crosses below the 50-day line SMA. The altcoin is below the 20% range of stochastic. The market has reached the oversold region. The selling pressure may not continue as buyers emerge in the oversold region.

Conclusion
Ethereum is in a downward move as it risks further decline to $2,447. Ether’s price has been holding above the current support in the last 48 hours. The downtrend will resume if it fails to break above the $2,800 high. Meanwhile, on April 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.618 Fibonacci extension or $2,748.63. Ether reversed after falling to the low of $2,736.93.

Ethereum Fluctuates Below the $2,800 High as It Risks Further Decline to $2,447
ETH/USD – Daily Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.