Ethereum Is Stuck at $1,639 despite Gaining Bullish Momentum

Ethereum ETH) Current Statistics
The current price: $1,622.49
Market Capitalization: $194,953,712,126
Trading Volume: $5,637,018,736
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis September 13, 2023
Ethereum’s (ETH) price is above the crucial support level of $1,600 but is stuck at $1,639 despite gaining bullish momentum. The bears have overpowered the bulls, and the coin has dropped to a low of $1,532 before it recovered. As bulls purchased the dips, the largest altcoin returned to its prior bottom on August 17.

The $1,600 support level has now become a resistance level. The moving average lines and the $1,600 barrier are restraining the upward movement. The moving average lines and resistance level are currently repelling the upward correction. If buyers fail to break through the $1,600 resistance, the largest altcoin will fall further.

ETH/USD will drop to $1,494 if the current support level is broken.

ETH Technical Indicators Reading
Ether fell to the Relative Strength Index level of 26 during the last fall before correcting upward. The upward correction has concluded in the bearish trend zone, causing it to fall. The 21-day SMA, which serves as a resistance level, is rejecting the price bars.

Ether is gaining strong momentum as it approaches the market’s overbought zone. The daily Stochastic is at level 85. The coin is in the market’s overbought zone and may fall.

Conclusion
The largest altcoin is making an upward correction but is stuck at $1,639 despite gaining bullish momentum. The altcoin is currently trading between $1,520 and $1,600. On the plus side, if the bulls can reclaim the $1,600 support, the selling pressure will be relieved.

The downtrend, on the other hand, will resume if the price falls below the existing support.

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