Ethereum Reaches $2,200 Low as It May Further Decline to $2,011

Updated:

Ether reaches bearish exhaustion
ETH/USD may resume an uptrend

Ethereum ETH) Current Statistics
The current price: $2,194.65
Market Capitalization: $263,477,637,714
Trading Volume: $43,398,753,095
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis May 11, 2022
Ethereum’s (ETH) price has continued its bearish run as it may further decline to $2,011. The bulls bought the dips as the altcoin reaches the high of $2,459. For the past three days the bears are still retesting the current support to break below it. The market has reached the oversold region, therefore the selling pressure may subside. However, if the bears breaks below the current support, Ether will further decline to the downside. Nonetheless, the downtrend has reached bearish exhaustion.

Ethereum Reaches $2,200 Low as It May Further Decline to $2,011
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The altcoin is at level 30 of the Relative Strength Index for period 14. The altcoin has reached the oversold region of the market. The current selling pressure is likely to subside.The altcoin is below the 50% range of daily stochastic. The market is in a bearish momentum The 21-day line and the 50-day line SMA are sloping southward indicating the downtrend. Buyers are likely to emerge in the oversold region of the market.

Conclusion
Ethereum has fallen above the $2,000 psychological price level as it may further decline to $2,011. The largest altcoin has reached bearish exhaustion. Buyers are likely to emerge in the oversold region to push prices upward. Meanwhile, on May 9 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall but reverse at level 1.272 Fibonacci extension or $2,011.74.

Ethereum Reaches $2,200 Low as It May Further Decline to $2,011
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.