Ethereum Loses Ground as It Faces Rejection at $1,663

Ethereum ETH) Current Statistics
The current price: $1,637.40
Market Capitalization: $196,857,290,944
Trading Volume: $3,112,375,239
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis October 6, 2023
The cost of Ethereum (ETH) has dropped to a significant support level above $1,600 as it faces rejection at $1,663. The most valuable altcoin also returned to its former trading range between $1,600 and $1,740. The barrier at $1,740 has been impeding the upward trend since August 17.

On October 1, buyers tried unsuccessfully to maintain the price above the $1,740 high. Ether has failed to continue its positive trajectory for the second time. Ether is losing ground beneath the moving average lines. If the altcoin drops below the moving average lines, it will return to the lower price range.

Ether’s pricing is currently in the middle of the range. Doji candlesticks are present, which limits the price movement for now.

ETH Technical Indicators Reading
The price bars are now above the moving average lines following the surgeon’s October 6. Ether will rise if the price bars hold above the moving average lines. Ether is entrapped between the moving average lines in the shorter time frame.

Additionally, the Doji candlesticks have returned, indicating that the cryptocurrency will move in a range.

Conclusion
The bullish scenario for the previous week was rendered useless as Ether faces rejection at $1,663. With Ether trading above the crucial support level of $1,600, the range-bound move has started. The altcoin is currently falling as it gets closer to the existing support.

The altcoin will drop to its previous low of $1,517 if it breaches the current support.

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