Ethereum Revisits Its Range but Risks Decline below $1,600

Ethereum ETH) Current Statistics
The current price: $1,633.58
Market Capitalization: $196,335,001,652
Trading Volume: $5,878,626,613
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis September 2, 2023
Ethereum (ETH) price is falling due to a rejection by the 21-day SMA but risks decline below $1,600. The price recovery of the crypto on August 29 was just temporary, and it now confronts rejection at the most recent high. The largest altcoin’s price has returned to the range bound zone between $1,600 and $1,700.

Today, the crypto fell to a low of $1,602.50 before recovering. On the negative, if the bears break through $1,600, Ether will fall even more. The altcoin is expected to fall to previous lows of $1,517 and $1,370. On the plus side, further gains are unlikely because the bears remained active at higher price levels.

ETH Technical Indicators Reading
The recent drop has pushed the cryptocurrency to the Relative Strength Index level 35 for period 14. In the bearish trend zone, the altcoin has the potential for additional decrease. The largest altcoin has dropped into the market’s oversold zone.

It is now below the daily Stochastic threshold of 20. It suggests that the bearish selling pressure has been exhausted.

Conclusion
The cryptocurrency asset has reached bearish exhaustion but risks decline below $1,600. It’s uncertain whether the bears will be able to break below the existing support. The selling pressure will pick back up if the support has been violated.

Secondly, the range bound move will begin at the location of the current support.

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