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

Azeez Mustapha

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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.

Ethereum Is in a Range as It Risks a Decline in the Overbought Region
ETH/USD – Daily Chart

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.

Ethereum Is in a Range as It Risks a Decline in the Overbought Region
ETH/USD – 4 Hour 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.

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