Ethereum Bulls Maintain a Price above the $1,600 Support

Ethereum ETH) Current Statistics
The current price: $1,663.95
Market Capitalization: $199,484,879,650
Trading Volume: $15,690,169,623
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis August 18, 2023
Ethereum’s (ETH) price has kept sliding after breaching the current support level of $1,800 as it maintains a price above the $1,600 support.The bears drove Ether down to $1,517 before rallying above $1,600.

During the price drop, the largest altcoin fell into the market’s oversold zone. On the downside, the price of Ether fell, resulting in a candlestick with a long tail. The tail of the candlestick signals significant purchasing at lower price levels.

Furthermore, the altcoin has entered the market’s oversold zone. The selling pressure is expected to ease. Ether will rise if the current support level of $1,600 holds. It will hit the altcoin’s previous top of $1,800.

ETH Technical Indicators Reading
Ether has dropped dramatically to Relative Strength Index level 20 for period 14. It signifies that Ether has entered the market’s oversold zone. The price bar is below the moving average lines, indicating that it is in a negative trend and may fall.

The coin has a positive momentum over the daily Stochastic threshold of 40. Buyers are emerging from the oversold area, pushing the coin higher.

Conclusion
Ethereum has dropped significantly as it maintains a price above the $1,600 support. The altcoin is currently trying to stay above the $1,600 support level. Ether will rise if the current support level of $1,600 holds. It will hit the altcoin’s previous top of $1,800.

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