Ethereum Technical Analysis Report | 2nd-MAY-2023

The bulls are struggling to push and sustain Ether’s price above the 20-day EMA ($1,896), which indicates that the bears are attempting to turn this level into resistance. The 20-day EMA form is gradually turning down and the RSI has dipped below 45, suggesting that the bears have a slight advantage. The forthcoming Fed meeting on May 2nd and 3rd could be leading to an increase in short-term volatility. The global volume of Ether is down by almost 16% in the last 24 hours while ETH’s dominance is at 18.95%.

At the time of writing, ETH was trading at $1,829.5

Ethereum Daily Chart | 02nd May 2023
Ethereum (ETH) Chart

ETH after witnessing a rally from $1,370 to $2,146 started consolidating at the highs and is trading sideways making small ‘Spinning Top’ candles that indicate indecision in trend. The bulls failed to manage the grip on the asset as it saw some profit booking and the prices dropped to $1,787. Currently, on the daily time frame, ETH is consolidating and trading sideways around its 50-Day Moving Average. The asset has strong support at around $1,700 – $1,725 (Horizontal Line & Fibonacci Retracement Level). If it holds and sustains above the support then we can expect the bulls to resume the up-move whereas a break below the support will lead to further downfall.

  Support 2Support 1AssetResistance 1Resistance 2

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