Ethereum Varies in a Small Range as It Challenges the $1,300 High

Ethereum ETH) Current Statistics
The current price: $1,259.76
Market Capitalization: $154,012,202,977
Trading Volume: $4,897,911,684
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis December 4, 2022
Ethereum (ETH) price varies between $1,200 and $1,300 as it challenges the $1,300 high. In a similar vein, the price of the cryptocurrency varies between the moving average lines. Ether dropped to a lower price range and retreated yesterday. Ether is currently moving back up to retest the most recent high. The market is overbought near the present resistance level. On the other hand, if the bears once more breach below the 21-day line SMA, the decline will continue. The altcoin will decline and resurface at the $1,100 support. Given that the altcoin has entered the overbought zone, the upward movement is improbable.

ETH Technical Indicators Reading
On the Relative Strength Index for period 14, Ethereum has decreased to level 49. It suggests that supply and demand are in equilibrium. The price of the cryptocurrency is moving in a range since it is between the moving average lines. Ether is moving upward over the daily Stochastic threshold of 70.

Conclusion
Ethereum is trading between the moving average lines as it challenges the $1,300 high. The price of the cryptocurrency has now climbed to the overbought area of the market. In the overbought area, sellers may show up to drive prices down. If the 21-day line SMA holds, the cryptocurrency is most likely to remain range-bound for a few more days.

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