Ethereum Is in a Range below the $1,700 Resistance Level

Ethereum ETH) Current Statistics
The current price: $1,706.33
Market Capitalization: $208,541,230,917
Trading Volume: $7,398,601,879
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis February 21, 2023
The price of Ethereum (ETH) is moving sideways but remains below the $1,700 resistance level. The $1,700 resistance area has stymied the upward movements. The largest altcoin has been constrained to move between $1,640 and $1,720 since February 16. Buyers have failed to keep the bullish momentum going above the resistance level. The price of the cryptocurrency has been repeatedly rejected above the résistance zone. On the plus side, a rally to $1,800 and $2,000 is anticipated if Ether rallies and the bullish momentum stays above the $1,700 support. If the price drops below the 21-day line SMA, selling pressure will pick up again. The support for Ether will drop to $1,600 or $1,640.

ETH Technical Indicators Reading
Ether is trending upward at Relative Strength Index level 61 for period 14. The price of the cryptocurrency is rising as the price bars cross the moving average lines. The daily Stochastic for the altcoin is above level 80. The moving average lines with a sideways slope show a trend.

Conclusion
Ethereum’s upward trend has slowed but remains below the $1,700 resistance level. Since January 20, the largest altcoin has traded within a small range. If it maintains a price above the $1,700 resistance level, ether will resume its bullish trend.

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