Ethereum Declines as It Faces Stiff Resistance at $1,600

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


Ethereum ETH) Current Statistics
The current price: $1,563.71
Market Capitalization: $188,574,848,157
Trading Volume: $25,873,462,273
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis November 8, 2022
Ethereum (ETH) price has started to decline again as it faces stiff resistance at $1,600. The price of Ether has fallen to a low of $1,433. The altcoin is being pushed by sellers below the 21-day SMA. Ether will be forced to move range-bound within the lines of the moving averages. The altcoin is currently declining, frustrating the upward movement. If Ethereum were to be rejected at the $1,600 resistance region, it would fall fast to a low of over $1,400. The largest altcoin has declined and is currently circling above the $1.400 support.

Ethereum Declines as It Faces Stiff Resistance at $1,600
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 49 on the Relative Strength Index for period 14. It suggests that the forces of supply and demand are in equilibrium. The price bars for Ether are situated in between the moving average lines, indicating a potential range-bound movement. Ether has now reached level 20 of the daily stochastic due to the recent fall. The oversold area of the market is where the cryptocurrency has declined.

Conclusion
Ethereum’s downward movement has continued on the 4-hour chart as it faces stiff resistance at $1,600. The support level of $1,400 has been breached by the cryptocurrency. Ether made an upward corrective during the November 7 decline, and a candle body tested the 61.8% Fibonacci retracement level. According to the adjustment, ETH will drop to level 1.618 of the Fibonacci sequence, or level $1,476.53.

Ethereum Declines as It Faces Stiff Resistance at $1,600
ETH/USD – 4 Hour Chart

You can purchase crypto coins here. Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.