Ethereum Faces Overbought Condition as It Reaches a High of $1,850

Ethereum ETH) Current Statistics
The current price: $1,842.64
Market Capitalization: $221,656,731,757
Trading Volume: $11,158,427,831
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis October 26, 2023
Ethereum’s (ETH) price has broken above its resistance level of $1,746 as it reaches a high of $1,850. The obstacle at $1,746 has twice prevented Ether from resuming its ascent. On October 23, the bulls broke above the $1,746 resistance level and rose to a high of $1,866.

ETH/USD is probably going to be rejected at the $1,866 high because the market is reportedly in an overbought area. On the downside, if the latest high is rejected, Ether will fall above the break level of $1,746. Similarly, if the bulls can hold the $1,746 support, Ether will increase.

Buyers will be propelled to push Ether prices to $1,900 and $2,000 highs.

ETH Technical Indicators Reading
The price bars of Ether were below the moving average when the altcoin gained momentum. After a price surge, the altcoin crossed above the moving average lines. The asset for cryptocurrencies increased even more as a result.

The upward slope of the moving average lines is a result of the significant price rebound. The 21-day SMA serves as a resistance line even when the price bars are above it.


Conclusion
Ethereum has made progress as it reaches a high of $1,850. However, the rising trend has been halted for the previous 48 hours at the $1,850 high. A break above the $1,850 resistance level will catapult the altcoin to the psychological price level of $2,000 per coin.

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