Ethereum Faces Stiff Rejection as It Hits the $1,900 High

Ethereum ETH) Current Statistics
The current price: $1,881.48
Market Capitalization: $226,220,220,668
Trading Volume: $8,491,543,503
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis November 6, 2023
The price of Ethereum (ETH) has resumed its upward trajectory as it hits the $1,900 high. During the cessation of the uptrend, the biggest altcoin was compelled to trade sideways between $1,760 and $1,860.The bulls have been retesting the present resistance for the past week to restart the upswing.

On November 5, the bulls breached the resistance and reached a high of $1,913 before retreating. In the last 24 hours, the ETH/USD has been fluctuating below the $1,920 high. If the bulls break through the resistance level, Ether will rise above the $2,000 psychological price barrier.

On the downside, the bulls successfully defended the $1,746 support, propelling the altcoin to its prior high. At the time of writing, Ether is trading at $1,888.20.

ETH Technical Indicators Reading
The horizontal moving average lines on the 4-hour chart are currently sloping upward as Ether resumes its bullish trend. On both charts, the price bars are above the moving average, indicating that the cryptocurrency will continue to rise.

If the price bars fall below the moving average lines, the uptrend will be broken. Furthermore, the overbought state may contribute to its decrease.

Conclusion
Ethereum breaks above the $1,876 resistance level as it hits the $1,900 high. Although the altcoin has crossed the $1,900 threshold, its strong momentum has not yet continued. Since November 5, Ether has wavered below the recent high as purchasers recuperate their losses to restart upward movement.

Since July 13, the largest altcoin has failed to surpass the $2,000 psychological price threshold.

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