Ethereum Declines as the Present Upswing Ends

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Ethereum ETH) Current Statistics
The current price: $1,574.03
Market Capitalization: $192,652,534,347
Trading Volume: $9,113,228,981
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis January 30, 2023
Ethereum (ETH) price is descending to the current support level of $1,500 as the present upswing ends. The price range for Ether is between $1,500 and $1,700. Further upward movement is unlikely because it will encounter resistance near the overbought region. However, the decline will resume if the bears breach the $1,500 support. The $1,352 breakout level will be reached by Ether. If sellers are unable to break through the $1,500 support, the move could remain range-bound. At the time of writing, the price of Ether is $1,558.50.

ETH Technical Indicators Reading
For period 14, Ether is at level 55 on the Relative Strength Index. The largest alternative coin is in a bullish trend and could increase. The price bars are above the moving average lines, indicating that the price of the cryptocurrency will continue to rise. Below the daily Stochastic threshold 20 of 20, Ether is in a negative momentum. The oversold area of the market, which indicates bearish exhaustion, has been achieved.


Conclusion
After being rejected at $1,679 from the overbought region, Ether has started to pressurize sellers again as the present upswing ends. As the altcoin began selling pressure, the present upswing has now ended. Ether dropped to $1,533.90 before pulling back. If the present support level of $1,500 is violated, the downward trend will resume.

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