Ethereum Circles above the $1,570 Low as It Risks Further Devaluation

Ethereum ETH) Current Statistics
The current price: $1,574.69
Market Capitalization: $188,877,830,648
Trading Volume: $4,236,780,680
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis September 25, 2023
The price of Ethereum (ETH) is falling as it loses critical support at $1,600 as it risks further devaluation. On September 18 and 19, buyers sought but failed to sustain the price above the 21-day SMA or resistance at $1,671.

Following the September 21 drop, the largest altcoin is now consolidating above the $1,570 support level.On the downside, bears will try to push the price down to the previous low of $1,530. ETH/USD may bounce at the $1,530 support level, launching the altcoin to its previous high of $1,700.

If the bears breach the $1,530 support level, the drop will be intensified. Ether will fall further, possibly to a low of $1,410 or $1,370.

ETH Technical Indicators Reading
Ether is trading just above the $1,570 support line on the Relative Strength Index for period 14. The altcoin is decreasing and may approach the market’s oversold region. The largest altcoin is in a negative trend below the daily Stochastic mark of 40.

If the cryptocurrency falls into the market’s oversold zone, it may recover.

Conclusion
Ethereum has been circling above the $1,570 support as it risks further devaluation. Doji candlesticks have limited price movement since they are present. If the price moves past the initial resistance at $1,600, the upward advance will resume.

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