Ethereum started an uptrend in late March, the price then rallied in late April and early May reaching an all time high of $4,674 just 6 trading sessions ago. The same day that the price reached its all time high, it started to drop and has now added losses of more than 25% in just 6 days.
The relative strength index dropped all the way to 51%, which could allow the pair to start a recovery very soon if the price is able to consolidate the support level of $3,277, which is at our 38.2% Fibonacci Retracement. The Bollinger bands are closing and moving up, which could be a good indicator for an uptrend, meanwhile, the parabolic SAR indicator suggests that the downtrend would continue. The price trades below the short term moving average which indicates that the price is relatively low, we could potentially see a recovery for the pair in the short term.
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