Ethereum Fluctuates above $1,650 as It Returns to Its Range

Ethereum ETH) Current Statistics
The current price: $1,652.93
Market Capitalization: $198,746,499,691
Trading Volume: $4,778,269,966
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis October 3, 2023
Following the rejection at the high of $1,756, the price of Ethereum (ETH) has retraced above the moving average lines as it returns to its range. Buyers were unable to maintain the bullish momentum as the market approached the overbought territory.

If buyers were successful, Ether would have reached the highs between $1,800 and $1,900. Ether is presently trading above the critical support level of $1,656 as well as above the moving average lines. The upward trend will resume if the existing support holds.

In other words, the price of Ether will range between $1,650 and $1.760.The cryptocurrency will be trapped between the moving average lines if the bear’s breach below the 50-day simple moving average. The coin will return to its range-bound movement.

ETH Technical Indicators Reading
Following the current pullback, Ether price bars are above the moving average lines as it returns to its range. The retracement has ended, which could signal the start of a new upward trend. However, if Ether falls below the 50-day SMA, it will return to the bearish trend zone.

Conclusion
Ether is recovering on the 4-hour chart after dropping over the crucial support. The cryptocurrency is stuck between the moving average lines at the lower time frame, causing fluctuations between the moving average lines.

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