Ethereum Struggles above the $2,800 High as Bears Target $2,485 Low

Updated:

Ether battles the resistance at $2,800
ETH/USD risks further decline

Ethereum ETH) Current Statistics
The current price: $2,857.25
Market Capitalization: $344,714,571,811
Trading Volume: $14,589,503,678
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis May 4, 2022
Ethereum’s (ETH) price is in a downtrend as bears target $2,485 low . Ether’s price makes a series of lower highs and lower lows. The largest altcoin has fallen to the low of $2,717 on April 30. Ether is making a lower high as it reaches the high of $2,869. On May 2 and 4, the bulls are trying to push the altcoin above the $2,800 high but are facing resistance. On the upside, if the bulls break above the previous lower high, the downtrend will be terminated. Nevertheless, if the bears break below the current support, the selling pressure will resume. The altcoin is trading at $2,863 as of press time.

Ethereum Struggles above the $2,800 High as Bears Target $2,485 Low
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The altcoin is at level 45 of the Relative Strength Index for period 14. Ethereum is still in the bearish trend zone and below the centerline 50. The downtrend will resume if the altcoin loses its current support. The altcoin is below the 20% range of daily stochastic. The market has reached the oversold region. The stochastic bands are sloping below and above the 20% range of the daily stochastic. The uptrend will resume when buyers emerge in the oversold region.

Conclusion
Ethereum is in a downward move as bears target $2,485 low. The crypto is capable of a further downward move to the downside. Meanwhile, on April 18 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that ETH will fall to level 2.0 Fibonacci extension or $2,748.63. 

Ethereum Struggles above the $2,800 High as Bears Target $2,485 Low
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.