Ethereum Rebounds above Critical Support as It Targets the $1,740 High

Ethereum ETH) Current Statistics
The current price: $1,655.80
Market Capitalization: $199,122,863,357
Trading Volume: $6,383,120,672
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis September 29, 2023
Ethereum’s (ETH) price has surpassed the existing support as it targets the $1,740 high. The largest altcoin is currently trading below the 50-day SMA but above the 21-day SMA and is currently selling for $1,669 per coin.

As the altcoin oscillates below it, the upward movement has paused at the most recent high, and the bullish momentum has been stopped at the 50-day SMA.The market is overbought where the coin is now trading. If buyers go past the $1,669 barrier or the 50-day SMA, ETH/USD will achieve its peak of $1,740.

The bullish momentum may then continue. Ether will decline and be forced to trade in a range-bound manner between the moving average lines for a few days.

ETH Technical Indicators Reading
The positive trend zone for Ether has been reached. For period 14, it is at level 56 of the Relative Strength Index. While in the bullish trend zone, the altcoin can rise further higher. The moving average lines are now positioned between the price bars.

When the 50-day SMA is not breached, the cryptocurrency will start moving in a range between the moving average lines. Ethereum is trading at level 80 of the daily Stochastic’s overbought zone. More losses for the altcoin are possible.

Conclusion
The price of Ether increases as it targets the $1,740 high. In the overbought area of the market, the largest altcoin is expected to encounter rejection. The asset will be forced to oscillate between the moving average lines as a result.

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