#eth‬

Ether price analysis

Ether 

ETH$3,104

fell below the $2,850 support on May 1, but the long tail on the candlestick shows solid demand at lower levels

ETH/USDT daily chart. Source: TradingView

The downsloping moving averages and the RSI below 45 show that the bears have a slight edge. If the price turns down from the current level or the 20-day EMA ($3,152), the bears will try to yank the ETH/USDT pair to the support line of the descending channel pattern.

Contrarily, if the price rises above the 20-day EMA, it will suggest that the selling pressure could be reducing. The bulls will have thrust the pair above the resistance line to indicate the end of the downtrend.