Ethereum Slumps as It Faces Initial Resistance at $1.650

Ethereum ETH) Current Statistics
The current price: $1,633.28
Market Capitalization: $199,913,443,856
Trading Volume: $7,066,474,782
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis February 27, 2023
The price of Ethereum (ETH) recovers but faces initial resistance at $1.650. The bullish momentum is finding it difficult to overcome the $1,650 resistance. The market will rise to the next resistance at $1,700 on the upside if buyers manage to get past the resistance at the most recent high. Nevertheless, the biggest altcoin will start moving upward if the price of the cryptocurrency breaks through the resistance at $1,700. The previous high of $1,800 will be re-visited by Ether as it rises. However, if Ether is rejected at the most recent high, the altcoin might drop below the 21-day moving average line. The cryptocurrency asset will decline and recur on its previous low if it rises above the $1,500 support.

ETH Technical Indicators Reading
On the Relative Strength Index, Ether is at level 53 for period 14. Since the cryptocurrency is in an uptrend zone, it has room to rise even higher. The moving average lines are above the price bars of Ether, indicating that the price of the cryptocurrency will increase even more. The market has reached the overbought zone. For Ether, the daily stochastic level is above 80. Ether may fall since it is in the overbought area.


Conclusion
Ether has continued to have difficulty maintaining above the moving average lines as it faces initial resistance at $1.650. If the price bars stay above the moving average lines, the upward movement might continue. Ether has been confined between the moving average lines on a shorter time scale. It suggests that for a few days, the altcoin will have to move in a range.

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