Ethereum Rebounds but Is Unstable Above The $1,800 Support

Ethereum ETH) Current Statistics
The current price: $1,800.47
Market Capitalization: $220,356,376,818
Trading Volume: $10,756,517,332
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis March 22, 2023
Ethereum (ETH) price rebounds above the $1,700 level of support but is unstable above the $1,800 support. Since March 14, the price of Ether has varied between $1,700 and $1,800. If the upward trend continues, it will likely reach its previous high of $2,000. Ether will instead fall to the previous range-bound zone between $1,700 and $1,800 if the bullish impetus is not maintained. The market will keep moving upward if the price bars are retained above the $1,800 support. Nonetheless, there is a chance that Ether will drop below the $1,700 support. The range-bound move will also keep going if the range-bound levels are unbroken.

ETH Technical Indicators Reading
During period 14, the Relative Strength Index for Ether was at level 63. The largest altcoin’s value may still increase. Ether will increase as long as the price bars are higher than the moving average lines. Ether is moving upwards over the daily Stochastic level of 50. The 21-day and 50-day line SMAs are slanted northward, indicating an uptrend.

Conclusion
Ethereum has been moving upward but is unstable above the $1,800 support. The price indication suggested that the coin’s value will rise. A candle body that had reversed course tested the 61.8% Fibonacci retracement level on March 14. According to the retracement, ETH will increase to $2,029.82, the level of the 1.618 Fibonacci extension.

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