Ethereum Loses $1,700 Support as It Revisits the $1,400 Low

Key Highlights

Ethereum retraces above $1,700 support
Ether resumes a range-bound move

Ethereum ETH) Current Statistics
The current price: $1,687.23
Market Capitalization: $206,202,910,828
Trading Volume: $23,636,869,418
Major supply zones: $1,800 $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis August 19, 2022
Ethereum (ETH) price is in an uptrend as it revisits the $1,400 low. The largest altcoin has retraced to the low of $1,708.13 at the time of writing. Ether is likely to hold above the current support. However, if the bears break below the current support, the market will decline to the low of $1,449. In the other words, ETH will decline above the 50-day line SMA. Nonetheless, if the 50-day line SMA holds, the altcoin will resume a range-bound move between the moving average lines. However, the market will decline to the previous low at $1, 029.90 when the 50-day line SMA is breached.

ETH Technical Indicators Reading
ETH is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. Ether’s price is between the moving average lines which indicates a range-bound move of the coin. ETH/USD is below the 20% range of the daily stochastic. The altcoin has fallen to the oversold region of the market.

Conclusion
Ether price is in a downtrend as it revisits the $1,400 low. Meanwhile, on the August 17 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ETH will fall to level 1.618 Fibonacci extension or $1,746.59. From the price action, Ether is hovering above the 1.618 Fibonacci extension.

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