Ethereum Swings in a Range as It Approaches Bearish Fatigue

Ethereum ETH) Current Statistics
The current price: $1,686.37
Market Capitalization: $202,974,461,746
Trading Volume: $202,974,461,746
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis August 23, 2023
Ethereum (ETH) price has remained firmly above the $1,600 support since the breakdown on August 17 as it approaches bearish fatigue. The price of the largest altcoin has been swinging between $1,600 and $1,700.

The resistance at $1,700 has stifled Ether’s upward movement. Ether is currently trading in a confined range due to the presence of Doji candlesticks, which limit price movement. On the upside, a price rebound above the $1,600 support will break through the $1,700 barrier.

The market will rise to a high of $1,900. On the downside, the extended candlestick tail indicates that there is strong buying pressure at lower price levels. The existing support is being defended by the bulls. Meanwhile, Ether is trading in a narrow range above the present support level.

ETH Technical Indicators Reading
Ether has dropped to Relative Strength Index level 19 for period 14. The market’s largest altcoin is trading in the oversold zone. The market will climb once buyers emerge from the oversold region. The bullish momentum has been limited above the daily Stochastic threshold of 50.

Conclusion
The largest altcoin approaches bearish fatigue as it consolidates above the $1,600 support. On the lower time frame, the price movement has been halted by the $1,700 resistance or by the moving average lines.

As long as Doji candlesticks dominate price activity, the range bound trend will persist.

You can purchase crypto coins here. Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing