Ethereum Surges Ahead as It Holds above $1,700 Support

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Ethereum ETH) Current Statistics
The current price: $1,744.40
Market Capitalization: $212,908,688,724
Trading Volume: $11,170,180,459
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis March 17, 2022
Ethereum (ETH) is under selling pressure at a higher price level but continues to hold above $1,700 support. Today, Ether reached a high of $1,759 before sliding below the $1,700 support level. The upward trend has slowed as Ether retraces to the negative. If Ether retraces below the moving average lines, the present rise may come to an end. Yet, if Ether retraces and finds support above the moving average lines, the sideways movement may resume. Also, if the price goes below the moving average lines, the largest altcoin will restart its range-bound move between $1,500 and $1,700. Nevertheless, Ether is currently trading above the $1,700 support level.

Ethereum Surges Ahead as It Holds above $1,700 Support
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is moving in the uptrend zone at level 61 of the Relative Strength Index for period 14. The altcoin will continue to move forward as long as it stays in the bullish trend zone. The price bars must stay above the moving average for the uptrend to last. The negative trend zone, represented by the daily Stochastic level 80, is currently being crossed. The altcoin’s value is declining.

Conclusion
Ethereum is in a sideways move but continues to hold above $1,700 support. If Ether retraces above the current support, the current rally might restart. If the Ether breaks below the $1700 support, the present upswing can come to a stop. A sideways movement below the resistance level will be the outcome.

ETH/USD - 4 Hour Chart
ETH/USD – 4 Hour Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.