Ethereum Rallies as It Confronts the Hurdle at the $1,800 High

Ethereum ETH) Current Statistics
The current price: $1,781.68
Market Capitalization: $213,934,282,017
Trading Volume: $7B
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis June 19, 2023
Ethereum’s (ETH) price has reclaimed critical support as it confronts the hurdle at the $1,800 high. The critical support level of $1,700 is still holding. Ether will rise to previous highs of $1,800 and $1,900 on the upside.

However, at the $1,800 high, the altcoin will be rejected. This is due to the market having reached an overbought condition. Nonetheless, if Ether is rejected at the recent high, the coin will fall and be forced to move in a range.

Ether will fall in value and trade between $1,700 and $1,800. Meanwhile, Ether has entered the market’s overbought zone. It is unlikely that the price movement will continue past the $1,800 high.

ETH Technical Indicators Reading
The largest altcoin is approaching the bullish trend zone. For period 14, Ether is at Relative Strength Index level 49. The moving average lines which are located above the price bars, are being tested by the price bar.

The crypto asset has been gaining momentum and is currently trading above level 80 of the daily Stochastic. Ether is prone to falling in the market’s overbought zone.

Conclusion
The upward trend for Ethereum has resumed as it confronts the hurdle at the $1,800 high. The first challenge is to get past the $1,800 resistance. Near the most recent high, the market is overbought.

Ether will break through resistance and rally above the moving average lines to gain momentum. Ether now faces the risk of falling from its most recent high.

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