It falls back down. Orbit requires horizontal speed: https://what-if.xkcd.com/58/
What you described kind of sounds like a weather balloon: https://en.wikipedia.org/wiki/Weather_balloon minus the propulsion turning off. I’m going to reinterpret your question a bit. “Suppose the technology exists” to mean that you have a magical method of providing a force equal to gravity to have your craft ascend at constant speed. This is equivalent to teleporting it to its final position. It falls. The phrasing of your question with “high earth orbit” as is is impossible. A stable high earth orbit has a sufficient amount of sideways velocity. If you mean it is at the altitude above Earth where high orbit but with insufficient sideways velocity, it will fall.
Khan Academy has this “Satellites 101” with some demos https://www.khanacademy.org/partner-content/nasa/searchingforlife/mars-modern-exploration/a/satellites-101-article You might want to read and watch https://spaceplace.nasa.gov/launching-into-space/en/ for the basics of how we currently get to orbit.
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