Ethereum Is in a Range as It Faces the $1,700 Resistance

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Ethereum ETH) Current Statistics
The current price: $1,637.79
Market Capitalization: $200,430,107,050
Trading Volume: $9,382,454,817
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis February 2, 2023
Ethereum’s (ETH) price has been swaying below the recent high as it faces the $1,700 resistance. Ether has therefore been trading above the $1,600 support level. The price of Ether has now passed  the resistance level as it increased to a high of $1,698. Ethereum will reach a high of $1,800 if buyers can push over resistance levels at $1,600 and $1,700. The psychological price hurdle of $2,000 will eventually be reached by the bullish momentum at that time. However, the biggest altcoin has reversed above the $1,600 support and has begun consolidating once more above it. The altcoin’s price will fall to the $1,500 price range if the current support is broken. At the time of writing, the price of Ether is $1,631.

ETH Technical Indicators Reading
For period 14, Ether’s Relative Strength Index score is 64. Today’s recovery of the largest altcoin has elevated the RSI to a new high. Because the price bars are still above the moving average lines, the price has increased. The cryptocurrency asset is in a positive trend when the daily Stochastic indicator is above 80. Despite the overbought condition, Ether has kept moving upward.
Conclusion
The crypto price was on February 2 repulsed as it faced the $1,700 resistance. The positive momentum was not maintained by buyers above the most recent high. If buyers are unable to break through the current resistance level, the range-bound trend will continue. On the other side, if the price drops below the $1,500 support and the bearish momentum continues, the decline will restart.

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