Ethereum Recovers above $1,700 Resistance as It Advances

Ethereum ETH) Current Statistics
The current price: $1,716.87
Market Capitalization: $206,360,215,446
Trading Volume: $6B
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis June 16, 2023
Ethereum (ETH) price dropped to a low of $1,619 as it advances. The cost of Ether has in the past ranged between $1,750 and $1,920. In an effort to retake the previous high of $1,750, Ethereum is currently correcting upward. If it recovers, the biggest altcoin will rise above the resistance level at $1,750. The coin’s value will rise and retest its previous highs of $1,800 and $1,900. If the upward correction is rejected at $1,750, the cryptocurrency will fall to its previous low of $1,410.

ETH Technical Indicators Reading
Ether is regaining ground above $1,600 and is at level 30 on the 14-day Relative Strength Index. As the market approaches the oversold area, the selling pressure has decreased. The decline is brought on by the price bars being below the moving average lines. The daily Stochastic is above level 25 and the coin is in a bullish momentum.


Conclusion
Ethereum approaches its previous high of $1,750 as it advances. Ether will enter the range-bound zone if the price rises above the most recent high. Price increases cause the altcoin to move into the previous range-bound range between $1,750 and $1,900. The coin’s price will fluctuate between $1,400 and $1,700, though, if the upward correction is rejected.

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