Ethereum Reaches Bearish Exhaustion at $2,767 but Struggles Below $2,900 High

Ether has fallen to $2,767
ETH/USD reaches bearish exhaustion

Ethereum ETH) Current Statistics
The current price: $2,880.48
Market Capitalization: $346,539,254,152
Trading Volume: $20,492,675,681
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis April 27, 2022
Ethereum’s (ETH) price is in a downtrend but struggles below $2,900 high. The largest altcoin fell to the low of $2,767 as bulls bought the dips. Ether has fallen to the oversold region of the market as buyers push the altcoin upward to the previous high. The upward move is retesting the initial resistance at the $2,900 high. The altcoin will be out of downward correction if the bulls break the resistance above the $3,038 high. On the other hand, if the bears break below the $2,700 support, the market will decline to the $2,491 low. Meanwhile, Ether is trading at $2,877 at the time of writing.

ETH Technical Indicators Reading
The largest altcoin is at level 41 of the Relative Strength Index for period 14. Ether is trading in the downtrend zone and below the centerline 50. Ether is capable of further downward move in the downtrend zone. The altcoin is below the 20% range of stochastic. The market has reached the oversold region. The current downtrend is likely to end. The 21-day line and 50-day line SMAs are sloping downward indicating the downtrend.

Conclusion
Ethereum is in a downward move but struggles below $2,900 high. The altcoin has reached bearish exhaustion as the market resumes upward. Meanwhile, on April 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.618 Fibonacci extension or $2,748.63. Ether reversed after falling to the low of $2,767.

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