Ethereum Revisits the $2,800 Low and Resumes Its Range-Bound Manner

Azeez Mustapha


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Ethereum (ETH) Current Statistics
The current price: $2,993.73
 Market Capitalization: $359,844,595,668
Trading Volume: $359,844,595,668
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500
 Ethereum (ETH) Price Analysis May 2, 2024
Ethereum’s (ETH) price has fallen and halted above its historical price level and resumed its range-bound manner. The largest altcoin will resume a bullish trend if buyers sustain the price above the moving average lines.

The bulls were defeated by the bears three times while seeking to keep the price above the moving average lines. On April 27, 2024, buyers pushed the altcoin above the 21-day SMA but were stopped at the 50-day SMA or the $3,400 barrier level.

As a result, the altcoin has dropped to a historical low of $2,824 set on April 13. In the meantime, the altcoin is trading above the $2,800 support. If ETH/USD loses its current support level of $2,800, it will fall even deeper.  

Ethereum Revisits the $2,800 Low and Resumes Its Range-Bound Manner
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether’s price bars are now below the moving average lines after previously being caught between them. The largest altcoin faces a further decrease while in the bearish trend zone. The crypto price will tumble while remaining below the moving average lines.

Nonetheless, long candlestick tails are pointing towards the current support. The extended candlestick tails indicate significant buying pressure at the current level.  
The Ethereum price is staying above the current support as it resumes its range-bound manner. If the bulls defend the current support, Ether will continue to fluctuate above the $2,800 level while below the moving averages. When the bears break through the current support, Ether will return to its previous lows of $2,700 and $2,400.

Meanwhile, the crypto signal remains range-bound above its current support.  

Ethereum Revisits the $2,800 Low and Resumes Its Range-Bound Manner
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.

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