Ethereum is in a Stalemate as Buyers are Unable to Break the High of $2,200

May 23, 2022 at 11:30 // Price
Coin Idol
The bears would sell every time the price reaches the resistance zone

The Ethereum price (ETH) is in a fluctuation range as it trades above the $2,000 psychological price level.

After the May 12 price collapse, there was no significant price movement. Ether fluctuated between $1,900 and $2,200. 

Long-term analysis of the Ethereum price: fluctuation range

Today, Ether is approaching the high of $2,072 at the time of writing. The bears would sell every time the price reaches the $2,200 resistance zone. Last week, the bulls failed to keep the price above the $2,200 high. On the downside, buyers have defended the current support as the altcoin has reached the oversold zone. The ETH /USD price will continue to move within the trading range as long as it is not breached.

Ethereum indicator analysis  

ETH is at level 38 of the Relative Strength Index for the period 14. The altcoin continues to trade in the downtrend zone. The 21-day line and the 50-day line SMAs are sloping downward, indicating a downtrend. Ether is above the 40% area of the daily stochastic. The market is in a bullish momentum, but it is unstable.


Technical Indicators: 

Key resistance levels - $3,500 and $4,000

Key support levels - $2,500 and $2,000

What is the next direction for Ethereum? 

Ether is in a rangebound move as the price fluctuates at the bottom of the chart. The altcoin will resume an uptrend when the rangebound levels are broken. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ETH will fall to the Fibonacci extension level of $1.272 or $1,439.67. 


Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

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