Ethereum Holds above the $2,500 Support, May Decline to $2,301 Low

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Ethereum consolidates above $2,500 support
ETH/USD may revisit $2,301 support

Ethereum ETH) Current Statistics
The current price: $2,582.37
Market Capitalization: $309,631,934,886
Trading Volume: $7,066,223,015
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis March 13, 2022
Ethereum’s (ETH) price is in a downward correction as it may decline to $2,301 low. On March 10, Ether declined to the low of $2523 and resumed consolidation above it. Today, the ETH price is consolidating above the $2,500 support for an upward move. The cryptocurrency has the advantage of rising to break above the moving averages. A break above the moving averages will mean revisiting the resistance at $3,000 and $3,200 price levels. Conversely, the largest altcoin faces rejection at the moving averages, Ether will fall and break below the $2,500. The market will decline to the previous low at $2,301.

Ethereum Holds above the $2,500 Support, May Decline to $2,301 Low
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 44 of the Relative Strength Index for period 14. It is in the downtrend zone and below the centerline 50. It will further decline if it fails to break above the moving averages. Ether is above the 20% range of the daily stochastic. The market has resumed bullish momentum.

Conclusion
Ethereum is in a downtrend but the altcoin may decline to $2,301 Low. Meanwhile, on January 10 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to  level 1.272 Fibonacci extension or $2,448.22. From the price action, the altcoin has retested level 1.272 Fibonacci extension and resumed upward.

Ethereum Holds above the $2,500 Support, May Decline to $2,301 Low
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.