Ethereum Returns to the $1,521 Low as It Veers Downhill

Ethereum ETH) Current Statistics
The current price: $1,542.60
Market Capitalization: $185,481,176,596
Trading Volume: $5,207,539,714
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis October 13, 2023
Ethereum’s (ETH) price, which was rejected on October 2, has been under persistent selling pressure as it veers downhill. The bearish momentum was stopped on October 6. Ether corrected itself and was revolted once more.

After the second rejection, the cryptocurrency kept falling. Today, the cost of Ether has plunged even more, hitting a low of $1,521. The bearish momentum has exceeded the prior low on September 11. On August 17, the altcoin will likely revert to its previous low.

Ether’s negative price decline might go as low as $1,517 if the selling pressure persists. Nevertheless, the altcoin is oversold, and the selling pressure may cease.

ETH Technical Indicators Reading
The price bars for Ether are below the moving average lines, which has accelerated the coin’s slide. The moving average lines are still drifting southward in light of the most recent downturn. Ether is currently approaching the market’s oversold region.

The selling pressure will ease once the altcoin is oversold.

Conclusion
The largest altcoin is on the verge of dropping back to its prior low on August 17 as it veers downhill. Ether is once again trading in the oversold area of the market. The bulls purchased the dips at the prior lows on August 17 and September 11.

The altcoin increased in price and surpassed the moving average lines. However, the upward movement was halted around $1,740 of resistance.

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