Ethereum Rises as Buying Returns at Lower Price Levels

Ethereum ETH) Current Statistics
The current price: $1,804.13
Market Capitalization: $221,572,638,570
Trading Volume: $4,518,129,109
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis May 12, 2023
Ethereum (ETH) price is currently rising as buying returns at lower price levels. Bulls bought the dips at $1,741.50, which was low. The price of the largest altcoin is now fluctuating between $1,800 and $1,960. If the current support holds, Ether will rise to retest the prior highs. The $1,880 high will present opposition to the upward movement. It’s doubtful that Ether will trend downward. The lengthy candlestick tail on May 12 signals active buying at lower levels.

ETH Technical Indicators Reading
According to the Relative Strength Index, Ether is correcting upward at level 40 for period 14. Despite moving upward, the cryptocurrency is still in a bearish trend zone. The current fall is caused by the price bars being below the moving average lines. Level 20 of the daily Stochastic for Ether is in the oversold area. Bearish weariness has been reached in the present slide.

Conclusion
The biggest altcoin dropped to a low of $1,737 on the 4-hour chart as buying returns at lower price levels. Ether made an upward reversal, but the 21-day SMA is preventing any gains. If buyers are unable to sustain the price above the moving average lines, selling pressure may increase further. When it breaks through the $1,880 resistance, Ether will resume its upward trajectory.

You can purchase crypto coins here. Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing