Ethereum Holds Above $1,523 as It Revisits the $2,030 High

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Key Highlights

Ethereum makes an upward correction to $1,705
Ether risks further rejection

Ethereum ETH) Current Statistics
The current price: $1,701.43
Market Capitalization: $208,321,880,278
Trading Volume: $15,193,125,851
Major supply zones: $1,800 $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis August 25, 2022
Following the recent decline, Ethereum’s (ETH) price is trading between the moving average lines as it revisits the $2,030 high. On August 20, Ether declined above the 50-day line SMA but below the 20-day line SMA. For the past week, Ether has been fluctuating between the moving average lines. Today, Ether’s price has risen to the high of $1,705 as it approaches the 20-day line SMA. On the upside, a break above the 20-day line SMA will catapult the altcoin to retest the $2,030 resistance. On the other hand, if the bulls fail to break above the 21-day line SMA, Ether will be compelled to continue its range-bound move between the moving average lines.

ETH Technical Indicators Reading
The crypto is at level 42 of the Relative Strength Index for period 14. Ether is in the downtrend zone and may further decline. ETH/USD will continue its range-bound move as it trades between the moving average lines. The coin is above the 60% range of the daily stochastic. The altcoin is a bullish .

Conclusion
After the recent decline, the Ether price is making an upward correction as it revisits the $2,030 high. The selling pressure will resume if turns from the 21-day line SMA. On a weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement level on March 28. The retracement suggests that ETH will fall to level 1.618 Fibonacci extension or $655.28.

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