Ethereum Battles the $1,660 High as It Resumes Its Ascent

Ethereum ETH) Current Statistics
The current price: $1,634.55
Market Capitalization: $196,472,070,809
Trading Volume: $4,565,165,310
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis September 20, 2023
Ethereum (ETH) price has held above the significant support level after acquiring upward momentum as it resumes its ascent. The cryptocurrency’s price has broken above the 21-day simple moving average (SMA), but the positive momentum has paused.

The resistance at $1,671 has slowed the upward movement. At the time of writing, the largest altcoin is trading at $1,638. Since September 15, Ether’s price has been attempting to overcome resistance at $1,660 to resume its ascent. If the price falls below the 21-day SMA or the present support level of $1,600, selling pressure will resume.

The market will revert to its prior low of $1,539 per coin. If the current support holds, the largest altcoin will continue its range-bound advance.

ETH Technical Indicators Reading
Following the recent uptrend, Ether has touched the Relative Strength Index level of 47 for period 14. Ether’s price is currently above the 21-day SMA but below the 50-day SMA. The moving average lines are horizontally sloping, indicating a sideways trend.

If the 21-day SMA support holds, the altcoin will be forced to trade in a range. The negative momentum has stalled below the daily Stochastic of 60.

Conclusion
The largest altcoin has regained bullish momentum as it resumes its ascent. Buyers were unable to maintain the positive momentum above the present support level of $1,600. The current support is an overbought market zone. The price movement has been static as a result of the existence of Doji candlesticks.

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