Ethereum Is below $1,900 as It Approaches an Overbought Region

Ethereum ETH) Current Statistics
The current price: $1,907.48
Market Capitalization: $230,939,270,280
Trading Volume: $14,129,286,906
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis June 6, 2022
Ethereum’s (ETH) price is in a upward correction as it approaches an overbought region. The bears are bent on breaking below the $1,763 support as the altcoin declined to the low of $1,703. Since May 27 price slump, Ether has been holding above the $1,700 support. On the upside, Ether is facing resistance at the 21-day line SMA. This is an indication of a possible fall. On the downside, the largest altcoin will decline to the low of $1,370 if the altcoin faces rejection at the moving average. Conversely, if Ether rebounds above the $1,700 support, the market will rally above the 21-day line SMA.

ETH Technical Indicators Reading
Ether is at level 44 of the Relative Strength Index for period 14. It is in the bearish trend zone but unable to break above the 21-day line moving average The price bars are below the moving averages indicating a further decline of Ether. It is above the 40% range of the daily stochastic. The market is in bullish momentum.

Conclusion
Ethereum is an upward move as it approaches an overbought region. Buyers are struggling to keep the price above the 21-day line SMA. Meanwhile, on May 12 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 $1,370.14. From, the price action, the Fibonacci tool analysis will hold, if the previous low is breached.

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