Ethereum’s Bullish Surge Continues as It Remains above $1,900

Ethereum ETH) Current Statistics
The current price: $1,935.0
Market Capitalization: $232,547,148,266
Trading Volume: $4,185,117,621
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $1,700, $1,500, $1,000

Ethereum (ETH) Price Analysis July 16, 2023
Ethereum (ETH) price is rebounding below the psychological price barrier as the bullish surge continues above $1,900. On July 15, the cryptocurrency’s price reached a new high but failed to hold it. This was exactly the price action on May 6.

On May 6, the largest altcoin, Ether, was rejected at the $2,000 high when it fell below the moving average lines. At the time of writing, Ether is worth $1,938. The altcoin has retraced and found support above the moving average lines.

The price indicator predicts that Ether will increase to a high of $2,100 if the recent high is breached.

ETH Technical Indicators Reading
On the Relative Strength Index for period 14, the cryptocurrency asset is now at 55 following the retracement. Ethereum is continuing in the bullish trend zone. As the altcoin retraced and found support above the moving average lines, it will increase.

To put it another way, the price bars are always higher than the moving average lines. The bearish momentum has slowed below the daily Stochastic level of 40.

Conclusion
The biggest altcoin will continue to rise as the bullish surge continues above $1,900. The altcoin has been trading between $1,900 and $2,000 for the last 48 hours. Once these levels are breached, the altcoin will trend.

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