Ethereum Holds Above $1,300 as It Faces Rejection at $1,400

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Key Highlights
Ether faces rejection at $1,400
ETH/USD resumes another round of range-bound move

Ethereum ETH) Current Statistics
The current price: $1,330.83
Market Capitalization: $163,229,617,207
Trading Volume: $9,732,736,092
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300


Ethereum (ETH) Price Analysis October 7, 2022
Ethereum(ETH) is in an upward correction as it holds above $1,300 . The bullish momentum is stuck at the $1,400 high. Given that Ether will continue its range-bound move between $1,220 and $1,400 price levels. The price movement has been stagnant because of the presence of small-body indecisive candlesticks. The market will trend upward if buyers breach the resistance at $1,400. Ether will further rise to the high of $1,800. However, sellers will resume a downtrend if the current support at $1.220 is breached. This will cause the biggest altcoin to decline to the previous low at the $1,000 price level.

Ethereum Holds Above $1,300 as It Faces Rejection at $1,400
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is relatively stable at level 42 of the Relative Strength Index for period 14. The sideways trend has been responsible for the stability of price. The sideways move may continue as the price bars are between the moving average lines. The selling pressure will resume when price breaks below the 21-day line SMA. The selling pressure has reached bearish exhaustion as Ether remains below the 20% range of the daily stochastic.

Conclusion
The biggest altcoin is likely to continue its range-bound move as it holds above $1,300 . Ether is likely to fall to the range-bound zone. Since September 21, Ether has been fluctuating between $1,220 and $1,400 price levels.

Ethereum Holds Above $1,300 as It Faces Rejection at $1,400
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.