Ethereum Hovers Above $1,900 as Bears Threaten to Short

Ethereum ETH) Current Statistics
The current price: $1,940.90
Market Capitalization: $233,536,788,315
Trading Volume: $13,004,759,154
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis November 17, 2023
The price of Ethereum (ETH) has fallen below the psychological price threshold of $2,000 as it hovers above $1,900. The crypto is currently approaching the important support level of $1,900 or the 21-day SMA. On the downside, if the bears cross the 21-day SMA, Ether might fall even more.

The bearish momentum will be extended to the 50-day SMA or the $1,746 breakthrough mark. However, if the 21-day SMA support holds, Ether is likely to recover. The bullish momentum will break through the $2,000 resistance level and extend to the $2,200 price level.

Meanwhile, at the time of writing, ETH/USD has fallen to a low of $1,925.

ETH Technical Indicators Reading
According to the price action, the cryptocurrency is on the verge of breaking below the 21-day SMA. Ether wavers in and out. A bearish crossover can be seen on Ether’s 4-hour chart. The 21-day simple moving average falls below the 50-day simple moving average.

The price bars are currently below the moving average lines.

Conclusion
ETH/USD is trading just above the 21-day simple moving average as it hovers above $1,900. With a price range of $1,900 to $2,000, the largest altcoin will be found above the moving average lines. The largest altcoin, which trades in a narrow range, is likely to see a breakout or decline.

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