Ethereum Holds above $1,500 as It Resumes Upward

Ethereum ETH) Current Statistics
The current price: $1,525.85
Market Capitalization: $186,620,569,301
Trading Volume: $10,214,711,444
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis January 19, 2023
The price of Ethereum (ETH) is currently below the $1,600 barrier level but holds above $1,500.Given that Ether has retraced above the $1,500 support, the prior uptrend has weakened. If the existing support persists, the upward movement might resume. Ether has been fluctuating in price between $1,500 and $1,600 for the past week. As Ether starts its upward trend today, the present support level seems to be holding. The largest altcoin will achieve a high of $1,678 or $1,789 if buyers maintain the price above the $1,600 barrier. On the plus side, if purchasers can’t sustain the price above the most recent high, Ether will drop and might remain moving sideways within the small range. However, the selling pressure will pick up again if Ether loses the current support in a drop. The breakout level of $1,352 will be reached by the market’s drop.

ETH Technical Indicators Reading
The Relative Strength Index for period 14 shows that Ether has reversed to level 72. Trading in the overbought area is the largest altcoin. In the overbought area, sellers will enter to drive prices down. The price bars above moving average lines are unaffected by the retracement. The market will, however, fall if the price breaks below the positive trend line. On the 4-hour chart, Ether has currently retreated to the oversold area. In other words, Ether’s daily stochastic is below level 20. The altcoin might start moving up again.


Conclusion
On the 4-hour chart, the price of Ether has fallen below the 21-day line SMA but holds above $1,500. This demonstrates that the largest altcoin will be forced to travel in a range between the moving average lines. When the moving average lines are crossed, Ether will trend.

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