Ethereum Reaches Bearish Fatigue as It Revisits the $1,500 Low

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Ethereum ETH) Current Statistics
The current price: $1,607.55
Market Capitalization: $196,708,299,649
Trading Volume: $8,700,359,800
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis February 24, 2023
Ethereum (ETH) price has fallen in the area between the moving average lines as it revisits the $1,500 low. The moving average lines are being traded by Ether. On the downside, if the biggest altcoin is caught between the moving averages, the drop will come to an end above $1,500. If the price of the cryptocurrency rises over the 21-day moving average line, the bullish momentum will return. The altcoin fell to a low of $1,575.50 on February 24 before recovering. When it gets closer to the SMA’s 50-day line, the present fall has resumed. On the other hand, the drop will continue to the bottom of $1,200 if the bears’ breach below the moving average lines. As long as it is restrained between the moving average lines, it will be forced to move in a range. For instance, if price breaks below the 50-day SMA, the decline will restart.

ETH Technical Indicators Reading
The Relative Strength Index for Ether has fallen to level 48 for period 14. In a bearish trend, Ether could fall. Moreover, the range-bound move could begin because Ether is confined to the moving average lines. The oversold area has been reached by the altcoin. At this time, it is at a daily stochastic level of 20.

Conclusion
Ethereum is currently falling and has achieved bearish fatigue as it revisits the $1,500 low. The cryptocurrency is now back in the range-bound region where it was. At levels 1,500 and 1,700, the alternative currency will trade. Ether will trend if these thresholds are crossed. Buyers will be attracted to lower levels of price.

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