Ethereum Slumps Above the $3,165 Support as It Resumes a Sideways Trend

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Ether has slumped to the low of $3,165
The market approaches the oversold region

Ethereum ETH) Current Statistics
The current price: $3,205.48
Market Capitalization: $384,439,918,573
Trading Volume: $10,872,393,806
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis April 10, 2022
Ethereum’s (ETH) price has fallen to the low of $3,165 as it resumes a sideways trend. The largest altcoin has earlier rallied to the high of $3,578 but failed to sustain the bullish momentum. Ether fell because the market reached an overbought region. The altcoin fell below the 21-day line SMA but above the 50-day line moving average. The cryptocurrency is fluctuating between the moving averages. It implies that the altcoin will be compelled to a range-bound move for a few more days. On the upside, if price breaks above the 21-day SMA, the market will revisit the resistance at $3,400 and $3,500. On the downside, Ether is trading at the $3,165 support. A break below the current support will compel the altcoin to decline to the low of $2,916 low.

ETH Technical Indicators Reading
Ether’s price bars are now between the moving averages indicating a possible range bound move of the cryptocurrency. The altcoin is at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. . It is below the 40% range of the daily stochastic. The market is in a bearish momentum and approaching the oversold region of the market. The 50-day line and 21-day line are sloping upward indicating the uptrend.

Conclusion
Ethereum is in a downward move as it resumes a sideways trend. 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 $3,056.12. From the price action, Ether is falling and approaching the low of $3,195.60.

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