Ethereum Is in a Downward Correction as It Faces Rejection at $2,167

Ether plunges to $1,763 low
ETH/USD is in a downward correction

Ethereum ETH) Current Statistics
The current price: $2,078.35
Market Capitalization: $250,631,086,382
Trading Volume: $17,295,106,068
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis May 15, 2022
Ethereum’s (ETH) price is in a downtrend as it faces rejection at $2,167. The largest altcoin  fell to the low of $1,763 on May 12. The crypto made an upward correction to the high of $2,167. However, the uptrend was repelled as the altcoin resumed its downward move. The bulls could not sustain the bullish momentum above the $2,200 resistance level. On the downside, if the current support holds, Ether will be in a range-bound move between $1,763 and $2,200 price levels. On the other hand, if Ether faces rejection of the recent high, the downtrend will resume. The altcoin will decline to the previous low at $1,763.

ETH Technical Indicators Reading
The altcoin is at level 32 of the Relative Strength Index for period 14. Ether is trading in the oversold region of the market as buyers push the altcoin to the previous highs. The 21-day line and the 50-day line SMA are sloping southward indicating the downtrend. The 21-day line SMA is acting as resistance to Ether’s price. The altcoin is above the 80% range of daily stochastic. Ether is falling as the bulls fail to break the recent high.

Conclusion
Ethereum has fallen to the oversold region as it faces rejection at $2,167. Buyers have emerged to push Ether to the previous highs but the upward correction is facing rejection at the recent high. Meanwhile, on May 10 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 $1,897.39.

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