Ethereum Enters an Overbought Region as It Faces Rejection at $1,600

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Ethereum ETH) Current Statistics
The current price: $1,584.68
Market Capitalization: $193,731,004,182
Trading Volume: $15,131,330,412
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis October 30, 2022
Ethereum (ETH) is in an upward correction as it faces rejection at $1,600. Since October 26, buyers have been struggling to breach the resistance at $1,600. Today, the crypto’s price has broken the resistance level but pulled back. ETH is declining as it encounters resistance at $1,600. On the upside, the uptrend will resume if the altcoin declines above the moving average lines. However, the downtrend will resume if price breaks below the moving average line. In the meantime, a further upward move is doubtful as the market reaches the overbought region.

Ethereum Enters an Overbought Region as It Faces Rejection at $1,600
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 66 on the Relative Strength Index for period 14. The altcoin is in the uptrend zone after a recent upward correction. Since the price bars are located above the moving average lines, Ether will continue to rise. Ether is below the daily stochastic’s 40% region, suggesting a potential fall. The moving average lines are making a U-turn indicating the uptrend.

Conclusion
Ethereum is trading in the uptrend zone as it faces rejection at $1,600. On the 4-hour chart, Ether has retraced above the 21-day line SMA. The coin will resume upward if the 21-day line SMA support holds.

Ethereum Enters an Overbought Region as It Faces Rejection at $1,600
ETH/USD – 4 Hour 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.