Ethereum Hits $1,440 High as It Targets the Resistance at $1,678

Ethereum ETH) Current Statistics
The current price: $1,409.25
Market Capitalization: $172,447,633,459
Trading Volume: $9,967,538,142
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis January 12, 2022
Ethereum (ETH) price has risen to a record high of $1,439 as it targets the resistance at $1,678. Since there are no possible levels of resistance, the largest altcoin can still hit the overhead resistance at $1,678. Despite this, the cryptocurrency is still trading in an overbought market. If sellers appear in the overbought area of the market, the present upswing may come to an end. Positively, if the bullish momentum continues, ETH/USD will test its previous high of $1,678. If Ethereum is rejected at the most recent high, it will fall to the breakout level of $1,352. However, Ethereum will revert to its former range-bound movement if the bears break through the $1,300 support level. As of the publication of this article, the asset’s value has climbed to as much as $1,411.

ETH Technical Indicators Reading
According to the Relative Strength Index, Ether has surpassed overbought status at level 69 for period 14. When prices are high, the altcoin can see selling pressure. The largest altcoin has entered the market’s overbought zone. Additionally, sellers will begin to emerge in the overbought area, bringing prices down. The price bars are above the moving average lines as Ether moves closer to the overbought zone. The daily Stochastic level of 80 is also exceeded by ether. Since January 4, the alternative currency has been trading in an overbought area.

Conclusion
Ethereum is still increasing as it targets the resistance at $1,678. The crypto’s price is making a series of higher highs and higher lows on the 4-hour chart. It has hit a higher high of $1,440, but it was rejected at the most recent high. The altcoin might reach a high of $1,678 if it breaks over the resistance of around $1,440.

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