Ethereum Struggles above $1,600 but Falls Short of Recent Highs

Ethereum ETH) Current Statistics
The current price: $1,607.75
Market Capitalization: $193,372,516,536
Trading Volume: $3,984,248,450
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis October 20, 2023
The price of Ethereum (ETH) breaks above the moving average lines twice but falls short of recent highs. Ether reached a high of $1,656 in the initial breakout but then fell back. Buyers plan to take the altcoin above the moving average lines for the second time.

ETH/USD is currently trading above the 21-day simple moving average. The bullish momentum will extend to the $1,680 high if the bulls break over the 50-day moving average line. Further gains for the altcoin are unlikely because the market has reached overbought territory. The largest altcoin will eventually fall in value.

ETH Technical Indicators Reading
Ether is rising once more as the price bars reappear above the moving average lines. Ether is trading above the 21-day simple moving average but below the 50-day SMA. If the price of Ether breaks above the 50-day simple moving average, it will rise.

The altcoin will bounce between the moving average lines if the currency is pinned between them.

Conclusion
Ether is gaining pace but falls short of recent highs. Since October 11, the upward movement has been stifled by the initial resistance level of $1,650. If the initial resistance level of $1,650 is overcome, Ether will advance to a high of $1,760.

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