Ethereum Struggles below $1,920 High as Sellers Poise to Short

Ethereum ETH) Current Statistics
The current price: $1,902.45
Market Capitalization: $228,612,084,853
Trading Volume: $5,203,205,987
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis June 3, 2023
The price of Ethereum (ETH) has climbed twice to retest the $1,920 resistance level as sellers poise to short. The upward movement of Ether has stopped because it has entered the overbought region of the market. Buyers aspire to reach the $2,000 psychological price level. The biggest altcoin had already crossed the perceived price threshold as of April 14. It is currently going at $1,902 at the time of writing. Positively, the price of Ether is above the moving average lines while remaining below the resistance level. Ether may fall because the market is overbought.

ETH Technical Indicators Reading
Ether is in the area of bullish trend at level 56 of the Relative Strength Index for period 14. The price movement has remained constant above the moving average lines. The price bars have not altered over the moving average lines. Ether will lose value if the price falls below the moving average lines. It will start to plummet now that it has reached above level 80 on the daily Stochastic.

Conclusion
Currently, Ethereum is restricted below the 1,920 resistance as sellers poise to short. The bears have hinted that they may short as the market gets closer to the overbought zone. The present trading range between $1,750 and $1,920 will be smashed on the upside if the bulls manage to break through the resistance level. Ether will continue its range bound move where it faces rejection at recent high.

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