Ethereum Is in a Sideways Move as Bulls Retest the $2,200 High

Updated:

Ether fluctuates between $1,900 and $2,200
ETH/USD is in a downward correction

Ethereum ETH) Current Statistics
The current price: $2,065.10
Market Capitalization: $249,427,133,982
Trading Volume: $12,960,142,994
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis May 22, 2022
Ethereum’s (ETH) price is in a sideways move as bulls retest the $2,200 high. The largest cryptocurrency has been fluctuating between $1,900 and $2,200 price levels. Today, it is making an upward correction as it reaches the high of $2,050. The upward moves terminate at the $2,200 resistance zone. For the past week, buyers have failed to keep the price above the $2,200 high. On the downside, buyers have been defending the current support as the altcoin rebounds above the current support.

Ethereum Is in a Sideways Move as Bulls Retest the $2,200 High
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 36 the Relative Strength Index for period 14. Despite the upward correction, the altcoin is still trading in the bearish trend zone. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend. Ether is above the 25% range of the daily stochastic. The altcoin is in a bullish momentum but it is in a range bound

Conclusion
The largest altcoin is in a sideways move as bulls retest the $2,200 high. For the past week, buyers and sellers have failed to take control of prices. Ether will break the $2200 resistance level if price rebounds above the current support. 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 $1,447.43.

Ethereum Is in a Sideways Move as Bulls Retest the $2,200 High
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.