Ethereum Declines as It Holds above $1,400 Support

Updated:

Key Highlights

Ethereum faces rejection at the $1,800 resistance zone
ETH/USD declines to the low of $1,430

Ethereum ETH) Current Statistics
The current price: $1,436.63
Market Capitalization: $175,724,087,947
Trading Volume: $17,441,779,448
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300


Ethereum (ETH) Price Analysis September 16, 2022
Ethereum’s (ETH) price is in a downtrend as it holds above $1,400 support. Buyers fail to breach the $1,800 resistance level as the altcoin reaches the overbought region. Today, the biggest altcoin has declined to the low of $1,430. The current price level is retesting the historical price level of July 25. The altcoin will resume an upward move if the support at $1,430 price level holds. Nevertheless, if the support at $1,430 holds, ETH/USD will be compelled to a range bound between $1,400 and $1,650 price levels. However, the selling pressure will extend to the low of $1,280 if the current support is breached.

Ethereum Declines as It Holds above $1,400 Support
ETH/USD – Daily Chart

ETH Technical Indicators Reading
The biggest altcoin is at level 39 of the Relative Strength Index for period 14. The recent price slump has pushed the altcoin to the downtrend zone as it may further decline. The price bars are below the moving average lines which indicates further decline. Ether is below the 20% range of the daily stochastic. The selling pressure is likely to subside as buyers emerge in the oversold region of the market.

Conclusion
Ethereum has continued its downward move as it holds above $1,400 support. Meanwhile, on the August 20 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests ETH will fall to level 1.272 Fibonacci extension or $1,399.03.

Ethereum Declines as It Holds above $1,400 Support
ETH/USD – Daily Chart

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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.