Ethereum Declines as It Faces Rejection Twice at a Level $1,600

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Ethereum ETH) Current Statistics
The current price: $1,620.91
Market Capitalization: $198,357,596,569
Trading Volume: $10,441,836,233
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis November 4, 2022
Ethereum’s (ETH) price is trading above the moving average lines but was repelled twice at a level $1,600. Buyers have retested the $1,600 resistance zone twice but failed to sustain the bullish momentum above it. Above the $1,500 support, the bearish movement against Ether has stopped for the day.

The digital currency asset made a U-turn and began rising once more. Ether was initially compelled to drop down to the $1,400 support after being rejected at the $1,600 high. The cryptocurrency is currently moving once more, this time in the direction of the $1,600 resistance. If the altcoin overcomes the initial resistance levels, it is anticipated to increase and retest its previous highs of $1,600 and $1,800. Today, the upward move is being frustrated as the altcoin declines. Ethereum would quickly drop to a low of over $1,400 if it were to be rejected at the $1,600 resistance zone.

ETH Technical Indicators Reading
On the Relative Strength Index for period 14, Ethereum is still moving upward at level 63. It suggests that the value of the altcoin will increase. Ether’s price bars are higher than the moving average lines, suggesting that the price may rise. Above the daily stochastic’s 60% range, ether is moving upwards in a positive trend.

Conclusion
On the 4-hour chart, Ethereum has regained positive momentum but was repelled twice at a level $1,600. The bearish hypothesis has been disproven as Ether reverses its steps in the direction of the $1,600 barrier level. However, the asset’s upward progress is limited once it reaches the overbought zone.

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