Ethereum Swings Back and Forth as It Aims for Resistance at $1,960

Ethereum ETH) Current Statistics
The current price: $1,915.81
Market Capitalization: $230,765,871,672
Trading Volume: $7,630,216,837
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis May 7, 2023
 Ethereum’s (ETH) price has continued to swing back and forth as it aims for resistance at $1,960. On May 5, Ether spiked to a high of $2,000. The biggest altcoin, which had a value peak of $2,000, was immediately rejected. Yesterday, the cryptocurrency’s price fell between the moving average lines. Ether recently started to rise once more, and it is currently trading at $1,907.90. However, the largest altcoin will continue to move in a range as long as it is between the moving average lines. Positively, the bullish trend will return if Ether overcomes the resistance at $1,960 or the 21-day SMA. The altcoin, on the other hand, will vacillate between $1,800 and $1,960 while it waits for a price breakdown or recovery.

ETH Technical Indicators Reading
The largest altcoin is at level 50 on the Relative Strength Index for period 14. For the past 48 hours, the cryptocurrency has been trading at its equilibrium price. It has proven possible to attain supply and demand equilibrium. Once more, the moving average lines are limiting the price of the cryptocurrency’s range of movement. The altcoin has positive momentum when it is over the daily Stochastic threshold of 25.

Conclusion
The price of Ether is increasing in a positive trend as it aims for resistance at $1,960. However, the 21-day SMA is restricting how much higher the coin may go. As a result, the largest will be forced to make range-bound moves for the next few days

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