Ethereum Resumes Sideways Trend but Holds above the $3,000 Support

Ether rebounds above the $3,000 support
Ether revisits previous highs

Ethereum ETH) Current Statistics
The current price: $3,100.99
Market Capitalization: $373,252,653,417
Trading Volume: 16,087,907,097
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis April 13, 2022
Ethereum’s (ETH) price is still in a downward correction as it holds above the $3,000 Support. The crypto’s price breaks below the 21-day line SMA but it is above the 50-day line SMA. The largest altcoin will be compelled to a range-bound move as it trades between the moving averages. Ether will trend when the range-bound levels are breached. Today, ETH/USD has regained bullish momentum as it approaches the 21-day line SMA. A break above the 21-day line SMA will propel the altcoin to retest or break the resistance at $3,500. Conversely, if the bears break below the 50-day line SMA, ETH will fall to $2,556 low.

ETH Technical Indicators Reading
Despite the recent upward move, Ether is at level 48 of the Relative Strength Index for period 14. The altcoin is still in the downtrend zone and below the centerline 50. Ether’s price bars are now between the moving averages indicating a possible range bound move of the cryptocurrency. It is above the 80% range of the daily stochastic. The market is approaching the overbought region. The current uptrend may face rejection at the recent high as the market reaches the overbought region.

Conclusion
Ethereum is making an upward correction as it holds above the $3,000 Support. Meanwhile, on April 6 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 $3,045. 71.

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