Ethereum Holds above $1,900 Support as It Starts a New Upward Trend

Ethereum ETH) Current Statistics
The current price: $1,939.57
Market Capitalization: $233,880,203,088
Trading Volume: $12,329,349,203
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis April 20, 2023
Ethereum’s (ETH) price falls beyond the psychologically important $2,000 mark as it starts a new upward trend. The 21-day SMA stopped Ether’s further slide. At the time of writing, the largest altcoin is currently selling for $1,956.30. Ether can recover because the current decline is greater than the moving average lines. The coin is rising upward since there is a bullish candle above the moving average lines. The coin will surge to reenter the psychological price range of $2,000. In contrast, if the price drops below the 21-day SMA, it will continue to fall until it reaches the next support level at $1,800. While Ether is still moving upward, the bearish momentum has diminished.

ETH Technical Indicators Reading
Ether has a Relative Strength Index score of 53 for period 14. After a recent fall, Ethereum is currently trading in a bullish trend zone and could increase. Additionally, because the price bar is above the moving average, it will rise. The daily Stochastic level of Ether is below 20. It shows that bearish weariness has reappeared as selling pressure. In other words, the oversold area has been reached by the market.

Conclusion
The largest altcoin has reversed above the lines of the moving average as it starts a new upward trend. If the price of the cryptocurrency remains above the moving average lines, the selling pressure will stop. Ether will start a new upward trend. If the price falls below the moving average lines, the decline will resume.

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