Ethereum Bounces Below the Barrier Level at $1,700

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Ethereum ETH) Current Statistics
The current price: $1,698.22
Market Capitalization: $207,784,610,769
Trading Volume: $9,022,658,151
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis February 17, 2023
Ethereum (ETH) price is rising as it continues to test the barrier level at $1,700. Buyers have repeatedly retested the resistance level over the past three days but to no avail. Once the resistance above $1,700 is overcome and positive momentum is sustained, the largest altcoin will restart its upward pace. For instance, breaking through the barrier level will spur Ether’s rise to new highs of $1,800 and $2,000. If buyers are unable to overcome the barrier at $1,700, the present sideways movement may continue. Alternately, Ether will go below the SMA on the 21-day line, which will cause a further decline. Ether is currently bouncing below the resistance level.

ETH Technical Indicators Reading
As Ether climbs to retest the resistance at $1,700, the price of the cryptocurrency is above the moving average lines. The relative Strength Index for period 14 is at level 58, suggesting that the coin may climb. The daily Stochastic’s level 40 is where the cryptocurrency asset is in a bullish trend. The tendency is indicated by the upward-sloping moving average lines.

Conclusion
Ethereum is once again moving upward, however, this upward movement is frequently halted by the barrier level at $1,700. As it continues to retest the barrier level, the largest altcoin is trading in a constrained range. The altcoin is currently bouncing above the $1,600 support and the 21-day line SMA but under the $1,700 resistance.

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