Ethereum Revisits Its Previous Low, Unable to Sustain above $1,845

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Ethereum ETH) Current Statistics
The current price: $1,826.69
Market Capitalization: $221,074,702,926
Trading Volume: $17,340,858,880
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis June 2, 2022
Ethereum’s (ETH) price is still in a downward correction but unable to sustain above $1,845 .The largest cryptocurrency is falling as it revisits the previous low at $1,763. The bulls failed to keep Ether above the 21-day line moving average. The largest altcoin was repelled from the recent high. Further upward movement of the coin is restricted by the 21-day line SMA. For instance, on May 27, the Ether revisited the previous low but the bulls bought the dips. The altcoin resumes upward as it faces another rejection.

Ethereum Revisits Its Previous Low, Unable to Sustain above $1,845
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The crypto is at level 38 of the Relative Strength Index for period 14. Ether is in the downtrend zone as it slumps to the previous low. Ether price bars are below the moving averages. The 21-day SMA is acting as a resistance to the price bars. It is below the 40% range of the daily stochastic. The market is in a bearish momentum. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend.

Conclusion
Ethereum has resumed selling pressure but unable to sustain above $1,845. 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. The Fibonacci extension will hold if the bears break below the previous low at $1,763.

Ethereum Revisits Its Previous Low, Unable to Sustain above $1,845
ETH/USD – Daily 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.