Ethereum Is Under Selling Pressure near $3,300 as It Returns to Its Range

Ethereum Price Long-Term Analysis: Bearish
Ethereum’s (ETH) price has remained above the current support level of $2,908 as it returns to its range. Buyers attempted to keep the price above the moving average lines, but were stopped by the 21-day SMA resistance. For example, on May 1, Ether fell to a low of $2,824, yet bulls purchased the dips. Altcoin rose and breached the 21-day SMA, reaching a high of $3,225.

However, ETH/USD experienced selling pressure at its latest high. On the flip side, further upward movement of the cryptocurrency is unlikely as Ether continues to suffer selling pressure. Ether is currently worth $3,008.30. On the downside, if the bears break through the present support of $2908, the altcoin would fall to lows of $2,850 and $2,800.

Technical indicators:  
Major Resistance Levels – $3, 600, $3,800, $4,000
Major Support Levels – $2.600, $2, 400, $2,200

Ethereum Indicator Analysis 
Since April 13, the altcoin has been in a sideways trend. The price bars fall below the horizontal moving average lines. The 21-day SMA resistance line is limiting the cryptocurrency’s upward trend. Long candlestick tails hint at $2,800 support, signaling strong buying pressure at lower price levels.  
 
Conclusion  
Ethereum faces rejection from the moving average lines as it returns to its range. The moving average lines have restricted the upward increase in price. Ether is dropping as it approaches the current support level of $2,908. The crypto signal is negative, with Ether falling to previous lows.

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