Ethereum Is Stable above $2,900 as It Maintains Its Range

Ethereum (ETH) Current Statistics
The current price: $2,905.97
 Market Capitalization: $349,035,274,955
Trading Volume: $11,448,875,020
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

 Ethereum (ETH) Price Analysis May 11, 2024
The Ethereum (ETH) price is trading in a narrow range between the $2,900 support level and the moving average lines as it maintains its range. The bulls have resumed their bullish run by retesting the moving average three times since April 13, 2024.

Each time, bulls will purchase the dips and Ether will drop toward the current support. Price movement has also been constrained due to the presence of Doji candlesticks. On the upside, buyers must sustain the price above the moving average lines or the $3,400 resistance level to achieve a bullish trend.

Following the recent dip, ETH/USD is currently trading above the $2,900 support level. On the downside, if the bears breach the current support, Ether would return to its prior lows of $2,850 and $2,820.

ETH Technical Indicators Reading
Ether price is falling frequently, as the price bars remain below the moving average lines. The price bars below the moving average lines indicate that the altcoin is prone to fall. Ether prices have stayed solid at over $2,900, with Doji candlesticks restraining movement.
 
 Conclusion  
Ether maintains its range, though in a shorter range-bound trend. The largest altcoin is now trading above the $2,850 support and below the 21-day SMA or resistance at $3,200. On May 10, the cryptocurrency dropped and then consolidated above the $2,878 low.

The range bound movement will resume if the bulls defend the current support. The crypto signal has been in the same range for the past month.

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