Ethereum Consolidates as Sellers Try to Increase Their Pressure

Ethereum ETH) Current Statistics
The current price: $1,564.64
Market Capitalization: $188,155,506,487
Trading Volume: $5,037,976,221
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis October 18, 2023
Ethereum’s (ETH) price has moved back into the bearish trend zone as sellers try to increase their pressure. The altcoin has just rallied and broken above the moving average lines. The bullish momentum hit a high of $1,656 before being resisted.

On the plus side, the extended candlestick’s wick on October 16 signals vigorous bear selling. Moving average lines retrain the rising movement on the upswing. Ether is currently trading at a low of $1,542.30. Ether is projected to fall further to $1,503.

ETH/USD is currently trading above the $1,500 support but below the $1,600 resistance.

ETH Technical Indicators Reading
On October 16, Ether is in a bearish trend zone due to price bar rejection at moving average lines. As the Doji candlesticks resurface, the moving average lines become horizontal. The price consolidation enhances the altcoin’s chances of moving sideways.

It may also result in a rebound and breakdown.


Conclusion
Ethereum is consolidating above the $1,500 support level as sellers try to increase their pressure. The consolidation implies that traders are thinking about the crypto’s next move. However, the price indicator indicates that the market will continue to fall to the prior low.

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