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

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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.

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.

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