Ethereum Faces Rejection at $2,700 High, May Recommence Uptrend

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Ethereum slumps to $2,160 low
The altcoin regains bullish momentum

Ethereum ETH) Current Statistics
The current price: $2,628.95
Market Capitalization: $313,075,983,129
Trading Volume: $18,479,573,972
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis January 26, 2022
On January 24, Ethereum’s (ETH) price has slumped to the low of $2,160 but may recommence uptrend. The largest altcoin has found support above the $2,400 as it resumed upward. The upward move reached the high of $2,668 but was resisted at the $2,700 resistance zone. Ether is now retracing to the downside. Perhaps the market will retrace to the low of $2,540 before resuming a fresh uptrend.

Ethereum Faces Rejection at $2,700 High, May recommence Uptrend
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is below the 32% range of the daily stochastic. The largest altcoin was earlier in an oversold region of the market. Buyers are emerging in the oversold region to push prices upward. Ether price is below 80% range of the daily stochastic. Ether is retracing because the market reached the overbought region. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend.

Conclusion
ETH/USD is retracing after rejection from $2,700 high but may recommence uptrend. Meanwhile, on January 24 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that ETH will rise to level 1.618 Fibonacci extension or $2,422.94 or $2,668.

Ethereum Faces Rejection at $2,700 High, May Recommence Uptrend
ETH/USD – 1 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.