Ethereum Pauses above $1,760 As It Resumes Its Ascent

Ethereum ETH) Current Statistics
The current price: $1,788.28
Market Capitalization: $215,202,385,792
Trading Volume: $215,196,233,571
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis October 27, 2023
The price of Ethereum (ETH) has stopped in the market’s overbought zone as it resumes its ascent. The largest altcoin traded between $1,855 and $1,866 before being rejected at the previous high. There are indications of lengthy candlestick wicks following the decline.

Long wicks in the overbought area suggest strong selling pressure.Meanwhile, the positive momentum has waned, but the altcoin is trading between $1,740 and $1,900. On the plus side, assuming the current support holds, Ether will resume its current advance.

That is, ETH/USD will grow and surpass past highs, eventually reaching the psychological price level of $2,000. If the bears break through the current support, the downturn will resume. Ether will rise above the $1,630 support level or the 21-day SMA.

ETH Technical Indicators Reading
The cryptocurrency’s price recovered while remaining below the moving average lines. The price bars are well above the moving average lines, indicating that the uptrend is strong. In the lower time frame, however, the price bars lie between the moving average lines. This suggests that a sideways movement will begin over the existing support.

Conclusion
Ethereum has begun a sideways trend on the 4-hour chart as it resumes its ascent. The altcoin is trading below the $1,850 high while remaining above the $1,760 support. When the range-bound levels are breached, the crypto asset will resume moving.

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