Ethereum Bounces above $1,800 Support and Resumes Its Upward Trend

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Ethereum ETH) Current Statistics
The current price: $1,889.57
Market Capitalization: $227,254,327,430
Trading Volume: $6,800,013,559
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis May 29, 2023
Ethereum (ETH) price rises above the moving average lines and resumes its upward trend. The price of cryptocurrency is bouncing between moving average lines and below resistance. If the price rises above the resistance level at $1,920, Ether will resume its current upward trajectory. The market will improve, causing Ether to reenter the psychological $2000 price range. However, a further upward advance is unlikely as the market gets closer to the overbought region. Over the moving average lines, the biggest alternative coin is retracing downward. The current trend might continue if the price of the coin stays above the moving average lines. Ether, on the other hand, will lose value if the price goes into the range-bound zone. In other words, the fixed price of Ether will be set somewhere between $1,750 and $1,920.

ETH Technical Indicators Reading
At level 59 of the Relative Strength Index for period 14, Ether is in the positive trend zone. Because the price bars are just above the moving average lines, the altcoin will increase. Ether is currently in an overbought area and at risk of more loss. The coin is below the daily Stochastic level of 80.

Conclusion
Ethereum reaches a point of bullish exhaustion and resumes its upward trend. The altcoin retraced the low of $1,876 and is now consolidating above it. The cryptocurrency’s price is in the range-bound region but is above the moving average lines. Selling pressure will increase once more if the price falls below the 50-day SMA.

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