Ethereum Hovers above $1,523 Support as Bears Threaten to Short

Key Highlights

Ethereum declines to $1,523 low
Ether risks further decline

Ethereum ETH) Current Statistics
The current price: $1,568.11
Market Capitalization: $191,794,222,388
Trading Volume: $16,826,977,274
Major supply zones: $1,800 $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis August 22, 2022
Ethereum’s (ETH) price is trading above the 50-day line SMA as it hovers above $1,523 support . In other words, Ether is trading between the moving average lines. ETH will trend when the moving average lines are breached. For instance, if the bears break below the 50-day line SMA, the selling pressure will resume. The altcoin will further decline to the low of $1,127. However, the bearish momentum will extend to the low of $800. Conversely, ETH/USD will regain bullish momentum if the bulls break above the 21-dayline SMA. Meanwhile, Ether is trading at $1,574 at the time of writing.

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 below the 60% range of the daily stochastic. The altcoin is in the bearish trend zone.

Conclusion
Ether price  risks further decline below the current support as it hovers above $1,523 low . 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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