Ethereum Slumps as It Risks a Decline above the $3,600 Low

Ethereum (ETH) Current Statistics
The current price: $3,737.99
Market Capitalization: $449,081,014,262
Trading Volume: $16,897,384,786
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500


Ethereum (ETH) Price Analysis May 30, 2024
Ethereum’s (ETH) price pauses after reaching a high of $3,975 as it risks a decline above the $3,600 low. On May 29, the altcoin retraced to its low of $3,748 before resuming consolidation above it. The bulls are defending the $3,700 support as the altcoin continues its range-bound movement.

Today, the altcoin is soaring, approaching the previous high of $3,975. On the upside, if the bulls break through the resistance of $3,975, the market will achieve a high of $4,257. The altcoin will revert if it reaches the current high of $4,257 as bears will provide strong resistance.

The bullish scenario will be rendered worthless if the bears break below the $3,700 support level. The altcoin will drop to a low of $3,400.

ETH Technical Indicators Reading
Following the latest price increase, Ether price bars are significantly higher than the moving averages. The bullish momentum has stalled as the market enters the overbought zone. The moving average lines are trending upward, indicating a bullish crossover.

Since May 25, the 21-day SMA has crossed above the 50-day SMA, signaling a bullish trend. The bullish momentum has subsided.

Conclusion
Ether is trading sideways on the 4-hour chart as it risks a decline above the $3,600 low. The altcoin’s price ranges from $3,700 to $4,000. Ether is dropping after breaking below $3,800 and retesting it. The present support level of $3,700 will be reached under selling pressure.

The crypto signal is encouraging as Ether will find support above its $3,600 low.

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