Ethereum Loses Ground After Reaching Its Recent Peak Of $1,660

Ethereum ETH) Current Statistics
The current price: $1,639.55
Market Capitalization: $197,003,178,334
Trading Volume: $3,724,127,859
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis August 28, 2023
Ethereum (ETH) price loses ground after reaching its recent peak of $1,660 as bears attempt to drive the biggest altcoin below its recent low. Since the August 17 price drop, Ether has been stuck between $1,600 and $1,700. Ether had previously tested the $1,700 resistance barrier twice before the current limits.

The upward movement is currently capped below the $1,660 high. On August 27, the altcoin was repelled at its recent peak, causing the cryptocurrency to fall further. The market fell to a low of $1,622 as bulls pounced on dips. At the time of writing, the altcoin is worth $1,637.

If the bears break through the current support, Ether will fall to its prior low of $1,517.

ETH Technical Indicators Reading
Ether has stayed in oversold territory at level 29 of the Relative Strength Index for period 14. The bearish trend has subsided in the market’s oversold territory. If buyers emerge in the oversold region, the altcoin will increase. Ether has been falling since the price bars are below the moving average lines.

When price bars continue above the moving average lines, the bullish trend will resume. The cryptocurrency is rising over level 25 of the daily Stochastic.

Conclusion
Ethereum has decreased further after reaching its recent peak of $1,660. The price range as of now has been trimmed. The coin is currently trading between $1,600 and $1,660. Nonetheless, if the price range continues to narrow, Ether will be forced to rebound or fall lower.

You can purchase crypto coins here. Buy LBLOCK

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing