Ethereum Holds above $1,800, Aiming for a Price Rebound or Breakout

Ethereum ETH) Current Statistics
The current price: $1,862.71  
Market Capitalization: $225,714,464,352
Trading Volume: $7,003,025,862
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis July 31, 2023
The price of Ethereum (ETH) has been steadily stagnating as a result of Doji candlesticks as it aims for a price rebound or breakout. The candlesticks indicate that both buyers and sellers are uncertain of the direction of the market.

Ether’s price has remained constant since July 18 and has been restricted to a range between $1,850 and $1,920. The largest alternative coin is therefore only visible between the moving average lines. ETH/USD will resume trending once the range-bound levels are broken.

Ether costs $1,869.90 at the time of writing. Right now, a price rebound or breakout will most likely be the outcome of the price movement. In the interim, the market has reached negative exhaustion above the $1,800 support.

ETH Technical Indicators Reading
As Ether continues to stabilize above the $1,800 support, the Relative Strength Index period 14 has remained nearly unchanged. At level 47, the altcoin is in a bearish trend. The crypto has been range-bound as the price bars are confined by the moving average lines.

The altcoin is currently bullish above level 75 of the daily Stochastic. The bullish momentum is reaching overbought territory in the market.

Conclusion
Ethereum has reached bearish fatigue over the $1,800 support as it aims for a price rebound or breakout. The price indicator predicts that Ether will fall and reverse after reaching the current support level of $1,800. Based on price movement, the market retested the 1.272 Fibonacci extension level twice, on July 24 and August 1.

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