Ethereum Is Trading Above $1,500 as It Resumes Its Sideways Trend

Ethereum ETH) Current Statistics
The current price: $1,502.35
Market Capitalization: $183,929,362,042
Trading Volume: $8,999,607,137
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis February 14, 2023
The price of Ethereum (ETH) has fallen above the 50-day SMA as it resumes its sideways trend. The largest altcoin is therefore restricted to the area between the moving average lines. The conclusion is that Ethereum will only be able to move in a small range for a few days. The altcoin will trend, nevertheless, if the current levels are breached. If the bears pass below the 50-day line SMA, the market will decline to a low of $1,352. At some point, $1,200 will come under selling pressure. Positive momentum will return if the price of Ether rises over the 21-day line SMA. The altcoin will regain its $1,700 peak.

ETH Technical Indicators Reading
.The Relative Strength Index for Ether has fallen to level 44 for period 14. The altcoin is in a declining area and may drop further. The largest altcoin may resume its range-bound behavior as long as price bars stay within the moving average lines. A bearish momentum is seen for the altcoin below the daily Stochastic’s 25 levels.


Conclusion
Ether hovers above the 50-day line SMA as it resumes its sideways trend. The selling push has produced a bearish fatigue. On February 10, Ether saw an upward correction during the downtrend, and a candle body tested the 78.6% Fibonacci retracement line. According to the correction, ETH will likely decrease but will reverse course at the Fibonacci extension level of 1.272, or $1,439.32.

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