Ethereum Is in a Range as It Risks a Decline in the Overbought Region

Ethereum ETH) Current Statistics
The current price :$1,890.93
Market Capitalization: $227,531,549,539
Trading Volume: $9,021,346,363
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis May 4, 2023
Ethereum (ETH) price has been stuck as it risks a decline in the overbought region. On May 1, the bulls bought the dips to prevent the bears from pushing below the 50-day SMA. Ethereum is now trading between the moving average lines. As a result, the largest altcoin is restricted to prices between $1,800 and $1,950. Ether will fall to the next support level at 1,700 if the bears’ breach below the $1,800 support or the 50-day SMA. If the bulls surpass either the $1,950 resistance level or the 21-day simple moving average, the altcoin will also start going upward once more. At this time, Ether is contained within the moving average lines.

ETH Technical Indicators Reading
The largest altcoin is at level 49 on the Relative Strength Index for period 14. Ether may decrease as it is in a bearish trend zone. Although between the moving average lines, the price bars have risen above the 50-day SMA. The altcoin will be forced to move sideways. Ether has a bearish momentum below the daily Stochastic threshold of 80. Ether may face a drop as it enters the market’s overbought level.


Conclusion
Ether is trading sideways as it risks a decline in the overbought region. The price of the biggest altcoin is likewise between $1,800 and $1,950. Both buyers and sellers have been unable to surpass current levels since April 21. Doji candlesticks have caused the price movement to remain unchanged.

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