Ethereum Declines As It Faces Rejection At The $1,340 High

Key Highlights
Ether struggles below and above the 21-day line SMA
Ether continues its consolidation above $1,300 support

Ethereum ETH) Current Statistics
The current price: $1,302.01
Market Capitalization: $159,331,719,529
Trading Volume: $10,333,506,951
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis October 17, 2022
Ethereum (ETH) is in a downtrend as it faces rejection at the $1,340 high. On October 17, buyers attempted to keep the price above the 21-day line SMA but were repelled immediately. Today, sellers have pushed the coin below the 21-day line moving average. Following the rejection on October 4, Ether has been compelled to trade between $1,220 and $1,360 price levels. On the upside, Ether will resume an uptrend if it breaches resistances at $1,360 and $1,400 price levels. Similarly, the downtrend will resume if Ether loses the $1,220 low.

ETH Technical Indicators Reading
Ether is at level 45 of the Relative Strength Index for period 14. The RSI has remained stable as the largest altcoin continues its range-bound move. The altcoin is prone to decline as the price bars remain below the moving average lines. The cryptocurrency is in a bearish momentum below the 40% range of the daily Stochastic.

Conclusion
Ethereum has continued to trade above the $1,300 support as it faces rejection at the $1,340 high. The altcoin will revisit the previous low at $1,220 support if it loses the current support. Ether is likely to fall as it faces rejection twice at the recent high.

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