Ethereum Finds Support as Buyers Recoup Above $1,600

Ethereum ETH) Current Statistics
The current price: $1,623.23
Market Capitalization: $198,290,925,825
Trading Volume: $6,929,756,247
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis February 6, 2023
Ethereum (ETH) is in a bullish trend as buyers recoup above $1,600. There is a propensity for additional higher movement of Ether as it retraces and finds support above the 21-day line SMA. Ether will climb higher and keep trying to break the $1,700 barrier. On the plus side, Ether’s price will rise to a top of $1,800 or $2,000 if purchasers are successful. Ether will first reach its low of $1,500 if it falls below the 21-day line SMA. The downward trend will eventually reach a low of $1,352.

ETH Technical Indicators Reading
Ether is at level 59 on the Relative Strength Index for period 14 and is in the positive trend zone. Additionally, the price bars for Ether are above the moving average lines, indicating that the coin will continue to go upward. Below the daily Stochastic threshold of 20, the cryptocurrency is experiencing a bearish momentum. The oversold area has been reached by the market.

Conclusion
Ether is currently trading in the oversold area of the market as buyers recoup above $1,600. The largest altcoin is gaining support above the $1,600 level. Bearish weariness has been achieved in the slide as purchasers try to continue moving upward. Ether’s price has been range-bound between $1,500 and $1,700 in past price movements.

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