Ethereum Rebounds above $1,800 Support as It Enters the Range-Bound Zone

Ethereum ETH) Current Statistics
The current price: $1,875.30
Market Capitalization: $226,302,280,692
Trading Volume: $8,003,282,521
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis May 2, 2023
Ethereum (ETH) price fell below the 50-day SMA but enters the range-bound zone. Ether’s price is struggling to get above its 50-day SMA. As of this writing, it is now being sold for $1,857.10. Ether’s price is now falling and can continue to do so. The largest altcoin will fall to the next support level at 1,700 if the bearish momentum continues. The altcoin is currently moving over the $1,800 support. An uptick in price will push the altcoin over the moving average lines and back toward the $2,000 high. The altcoin will, however, move between the moving average lines if the 50-day SMA is broken. Ether is currently trading below the moving average lines.

ETH Technical Indicators Reading
Ether is at level 46 on the Relative Strength Index for period 14. There has been no change in price, and it is currently trading barely. Although the bulls pulled back, the price bar is below the moving average lines. Above level 25 of the daily Stochastic, the altcoin is in a bullish momentum. The $1,875 high represents a rejection of the upward movement.


Conclusion
The price of the cryptocurrency has retreated as it entered the range-bound zone. Currently, Ether is varying below the moving average lines. The altcoin is starting to climb again, returning to its earlier highs. At the $1,900 high, there will be some initial resistance to the upward trend. Above the moving average lines, Ethereum will resume its bullish trend.

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