Ethereum Continues Its Sideways Move as It Faces Rejection at $1,400

Key Highlights
Ether is in a sideways move
ETH/USD risks further decline

Ethereum ETH) Current Statistics
The current price: $1,310.24
Market Capitalization: $160,655,589,755
Trading Volume: $6,082,814,390
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300


Ethereum (ETH) Price Analysis September 30, 2022
Ethereum’s (ETH) price is in a downtrend as it faces rejection at $1,400. On September 21, the cryptocurrency declined above the $1,218 support and resumed consolidation above the current support. There is a possibility of further decline as the biggest altcoin trades in the bearish trend zone. Today, the altcoin is making an upward correction to the 21-day line SMA. Ether will rise to the 50 – day line SMA if buyers overcome the 21-day line SMA. On the other hand, if Ether turns down from the moving average lines, it will decline to the previous low. The crypto will decline to  the previous low at $1,247.82.

ETH Technical Indicators Reading
Ether has declined to level 38 of the Relative Strength Index for period 14. The coin is trading in the downtrend zone as it approaches the oversold region. Besides, the price bars are below the moving average lines which make them prone to decline. Meanwhile, Ether appears to have fallen below the 20% range of the daily stochastic. The implication is that the market has reached bearish exhaustion.

Conclusion
In the lower time frame, Ethereum has begun the resumption of a sideways trend as it faces rejection at $1,400. The cryptocurrency is fluctuating between levels $1,295 and $1,360. The coin will trend when these levels are breached. On the September 27 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the market will decline to level 1.618 Fibonacci extension or $1,247.82.

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