Ethereum Continues Its Range-bound Run as It Holds Above $1,500

Ethereum ETH) Current Statistics
The current price: $1,562.40
Market Capitalization: $190,594,620,178
Trading Volume: $8,798,347,841
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis March 3, 2023
The Ethereum (ETH) price has been trading sideways below the $1,700 resistance mark as it holds above $1,500. As buyers failed to keep the price above the $1,700 resistance mark, a sideways trend became necessary. Since January 20, Ether has been trading in a range of $1,500 to $1,700. The bears have today broken below the moving average lines as they approach the $1,500 support. Throughout the past month, the range-bound levels have not been broken. If the bears breach the $1,500 support, the downtrend will resume on the downside. The price of Ether will drop sharply to a low of $1,352. But, if the current support holds, the selling pressure will reduce when the altcoin starts to go upward. The most valuable altcoin will continue to fluctuate between $1,500 and $1,700.

ETH Technical Indicators Reading
Ethereum has entered the negative trend zone at level 48 of the Relative Strength Index for period 14. Due to the recent decline, the price bars are still below the moving average lines. That implies that Ether will keep declining. The alternative currency is moving bearishly below the daily Stochastic barrier of 50. Before rising, the price of Ether fell to a low of $1,529.


Conclusion
Ether is currently falling after the $1,640 high rejection as it holds above $1,500. After falling to a lower price range, the altcoin retreated. If the retreat persists, Ether will continue its range-bound run between $1,500 and $1,700.

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