Ethereum Holds above $1,840 as It Struggles below $1,870

Ethereum ETH) Current Statistics
The current price: $1,851.90
Market Capitalization: $222,458,947,732
Trading Volume: $3,773,540,102
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis August 10, 2023
Ethereum (ETH) price is rising as it struggles below $1,870 resistance level or the moving average lines. The bullish momentum has been stifled today around the resistance level or the 21-day SMA.

On the plus side, if buyers break through the resistance level or the moving average lines, Ether will rise to a high of $1,950. The bearish momentum has slowed, with Ether reaching a low of $1,802. Ether is currently dropping as it faces rejection at the 21-day SMA.

The current support is likely to be tested by the bearish momentum. Since August 1, the current support level of $1,800 has held. Meanwhile, the price of Ether is fluctuating between $1,800 and $1,870.

ETH Technical Indicators Reading
At level 48 on the Relative Strength Index, Ether is in the negative trend zone for period 14 . Ether is also prone to falling because the price bars are below the moving average lines. The bearish momentum has run its course. It is below the daily Stochastic level of 40.

Conclusion
Ethereum is currently trading above the $1,800 support level as it struggles below $1,870. The moving average lines and the barrier at $1,870 have restricted the upward movement since August 1. Ether is trading in the positive trend zone on a 4-hour cart.

The biggest altcoin will surge to level 1.618 of the Fibonacci extension, or $1,906, when it overcomes the resistance levels.

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