Ethereum Uptrend Ends as It Plunges to a Low of $1,524

Ethereum ETH) Current Statistics
The current price: $1,550.34
Market Capitalization: $189,917,530,277
Trading Volume: $10,668,502,744
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis February 10, 2023
Ethereum (ETH) price has dropped below the 21-day SMA as it plunges to a low of $1,524. On February 8, buyers tried unsuccessfully to maintain the price of over $1,700 of resistance. Ether is now above the 50-day line SMA but has dropped below the 21-day line SMA. When Ethereum breaks below the 21-day line SMA, it will first approach its bottom of $1,500. A low of $1,352 will finally be reached by the negative trend. Similarly, the largest altcoin is currently situated between the moving average lines. This suggests that for a few days, the altcoin will have to move in a range.

ETH Technical Indicators Reading
The bearish trend zone has been reached by Ether. On the Relative Strength Index for period 14, it is at level 47. Ether is prone to loss of value. Since the price bars for Ether are located between the moving average lines, a range-bound movement is possible. Ether is in a negative momentum below the daily Stochastic’s level 20 on a smaller time scale. Bearish weariness has been reached in the descent.

Conclusion
The price of Ether has broken below the 21-day line SMA as it plunges to a low of $1,524. The largest altcoin sprinted to an overbought area of the market. After two weeks of a sideways trend, the altcoin fell. The moving average lines entrap Ether, causing it to resume its range-bound journey.

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