Ethereum Stabilizes but Is in Danger of Further Decline

Ethereum ETH) Current Statistics
The current price: $1,567.47
Market Capitalization: $191,783,974,461
Trading Volume: $4,941,549,712
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis March 5, 2023
Ethereum (ETH) price is settling above the $1,500 support but is in danger of further decline. The existence of Doji candlesticks has caused the price movement to remain unchanged. The largest altcoin is currently restricted to prices between $1,500 and $1,700. The downward trend will resume on the downside if the bears break through the $1,500 support. Ether’s cost will plunge sharply, reaching a low of $1,352. Buyers will face a challenge in resuming a bullish trend on the upside. The price of the cryptocurrency must surpass either the resistance at $1,600 or the moving average lines. As of this writing, the price of Ether is $1,563.80.

ETH Technical Indicators Reading
The Relative Strength Index (RSI) has not changed above level 44 for period 14. The coin has more room to drop. The price bars’ position below the moving average lines is what’s causing the current decline. The daily Stochastic is above level 40, and the bullish momentum for the cryptocurrency is present.


Conclusion
The value of the cryptocurrency asset is still restricted to ranges between $1,500 and $1,700 but is in danger of further decline. The presence of Doji candlesticks casts doubt on the direction of price movement. As long as the Doji candlesticks are present, Ethereum will continue its range-bound run between $1,500 and $1,700.


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