Ethereum Stalls above the $1,500 Support as Bulls Buy the Dips

Ethereum ETH) Current Statistics
The current price: $1,595.08
Market Capitalization: $191,834,682,530
Trading Volume: $5,035,546,945
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis September 22, 2023
The price of Ethereum (ETH) has fallen on September 21 due to a rejection of the 21-day SMA as bulls buy the dips. The largest altcoin fell to a low of $1,568.50 as bulls purchased dips. The upward movement was halted at the $1,600 high, which has now become a resistance level.

The largest altcoin is now forced to trade in a limited range between $1,550 and $1,600. Today, the altcoin is retracing as it resumes its downward trend. On the downside, selling pressure will resume if the bears breach the $1,550 support level. If the bearish trend continues, Ether might fall to $1,470.

Meanwhile, the drop has stalled above the $1,500 level. Ether will acquire upward momentum if it rises over its current support.

ETH Technical Indicators Reading
Ether is rising after a recent decline, reaching level 39 on the 14-period Relative Strength Index. The price bars were repelled by the 21-day SMA, causing them to fall. If the price bars are above the moving average lines, the cryptocurrency will rise.

The altcoin is rising over level 25 of the daily Stochastic.

Conclusion
The largest altcoin has lost vital support, which has now turned into resistance as bulls buy the dips. The 21-day simple moving average, or resistance, around $1,640 has capped the upward trend. Ether is now trading in a narrow range between $1,550 and $1,600.

The crypto asset will increase or fall when the range-bound levels are breached.

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