Ethereum Holds Its Grip Above $1,600 While In A Narrow Range

Ethereum ETH) Current Statistics
The current price: $1,629.87
Market Capitalization: $195,949,733,932
Trading Volume: $5,812,848,671
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis September 8, 2023
The price of Ethereum (ETH) is consolidating above the crucial $1,600 support level as it trades in a narrow range. The 21-day SMA has repelled the two recent rebounds on the 6th and 7th. Ether was repelled at the $1,668 and $1,658 price levels, causing the latest drop.

The biggest altcoin is currently plummeting after being rejected at the 21-day SMA. The present level of support will be maintained until the coin falls below it. The pricing range has currently been reduced to $1,600 and $1,660.

If the bears break through the current support, the altcoin will fall and retest the prior low of $1,517.Meanwhile, the bearish trend reached a low of $1,616 and then reversed.

ETH Technical Indicators Reading
Ether’s range for period 14 remains at level 36 of the Relative Strength Index. The price bars are below the moving average lines and have a narrow range. The coin is in a bearish trend below the daily Stochastic threshold of 40.

The altcoin’s bearish momentum has stalled as it has pulled back. The long candlestick tails have signaled this.

Conclusion
The largest altcoin has kept its grip on the $1,600 mark as it trades in a narrow range. Ether is currently trading in a narrow range, with gains hindered by resistance at $1,660, or the 21-day simple moving average. The price movement has also been restrained by the Doji candlesticks. The candlesticks also slowed price swings.

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