Ethereum Loses $1,900 Support as Bears Target Previous Low at $1,701

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Ethereum ETH) Current Statistics
The current price: $1,817.67
Market Capitalization: $219,522,991,941
Trading Volume: $17,321,956,145
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis May 26, 2022
Ethereum’s (ETH) price is in a downtrend as bears target previous low at $1,701. For the past two weeks, the crypto has been a range-bound move between $1,900 and $2,200 price levels. The bears have the upper hand as the crypto resumes downward move. On the downside, the largest cryptocurrency will revisit the previous low of $1,701. Nonetheless, if the $1,701support is broken, the market will continue its decline to the low of $1,370. On the other, if the altcoin holds above $1,701, Ether will be range bound between $1,700 and $2,200 price levels.

ETH Technical Indicators Reading
Ether is at level 31 the Relative Strength Index for period 14. The downtrend has resumed as the bears break below the $1,900 support. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend. Ether is below the 20% range of the daily stochastic. The altcoin has fallen to the oversold region of the market. The selling pressure is approaching bearish exhaustion.

Conclusion
Ethereum has resumed selling pressure after two weeks of respite as bears target previous low at $1,701. The bears have broken the $1,900 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 $1,370.14.

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