Ethereum Is Oversold As It Finds Support above $1,700

Ethereum ETH) Current Statistics
The current price: $1,736.32
Market Capitalization: $208,658,931,181
Trading Volume: $5B
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis June 11, 2023
Ethereum (ETH) is losing value below the moving average lines as it finds support above $1,700. Previously, the largest altcoin was between $1,750 and $1,920. The range-bound motion has failed as Ether descends further. The selling pressure is currently approaching the $1,730 low at the time of writing. The market has crossed the oversold territory, which is a drawback. Ether is currently retesting the March 27 historical price level. In previous price action, Ether regained bullish momentum and started to soar on March 28.

ETH Technical Indicators Reading
Ether’s slump has caused it to drop to level 37 on the 14-period Relative Strength Index. The coin is getting close to the market’s oversold area. The current decrease is being brought on by the price bars being below the moving average lines. Ether has a bearish momentum over the daily Stochastic’s threshold 25.

Conclusion
Ethereum is decreasing as it finds support above $1,700. If the current support persists, the largest altcoin will start moving upward again. The $1,700 has not been broken as of now since March 17. The prolonged candlestick’s tail indicates strong purchasing at lower price levels.

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