Ethereum Retraces above the Psychological $2,000 Price Barrier

Ethereum ETH) Current Statistics
The current price: $2,090.13
Market Capitalization: $250,247,152,233
Trading Volume: $8,533,837,941
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000


Ethereum (ETH) Price Analysis April 17, 2023
Ethereum (ETH) price is in the bullish trend zone as it retraces above the psychological $2,000 price barrier. Buyers were unable to maintain the bullish momentum above it, though. Ether is currently seeing a slight pullback as it nears the $2,084.94 low. The bullish trend may resume if Ether retraces and finds support above the 21-day SMA. The current trend is predicted to reach a peak of $2,200 before turning back. However, the selling pressure can return if the price drops below the 21-day SMA. The largest altcoin will fall to a low of $1,700.

ETH Technical Indicators Reading
Ether has a Relative Strength Index rating of 69 for period 14. Despite the dip, the largest altcoin is still in the bullish trend zone. When the price is higher than the moving average lines, the coin will climb. Below the daily Stochastic’s level 25, the altcoin is experiencing a bearish momentum. The increasing slope of the moving average lines indicates an uptrend.

Conclusion
The cost of Ethereum is dropping as it retraces above the psychological $2,000 price barrier. Currently, the retracement has ended above the $2,000 mark. It is projected that the largest altcoin will rise to $2,200. The price indicator suggests that ETH would rise but then reverse course at the Fibonacci extension level of 1.272, or $2,203.30.

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