Ethereum Is Stuck as It Retraces From an Overbought Region

Ethereum ETH) Current Statistics
The current price: $1,341.42
Market Capitalization: $164,237,673,128
Trading Volume: $7,878,942,201
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis January 9, 2022
Ethereum (ETH) price passes through the resistance at $1,300 but retraces from an overbought region. The value of the cryptocurrency has increased to $1,345. If the current bullish momentum continues, Ethereum will reach its all-time high of $1,678. However, given that the market has entered the overbought zone, further upward movement of the coin is improbable. On the plus side, the price of Ether has now successfully tested the $1,300 resistance four times. As it trades in the overbought area of the market today, Ether’s price has risen further. It’s unlikely that the bullish momentum will last. On the downside, Ether will rise above the breakout level of $1,273 if the most recent high is rejected. As of this writing, the value of the cryptocurrency asset has risen as high as $1,340.

ETH Technical Indicators Reading
For period 14, Ether is at level 65 of the Relative Strength Index and in an uptrend zone. As long as the price bars are above the moving average lines, the largest altcoin will increase. Where the price bars are below the moving average lines, the selling pressure will pick up again. The daily Stochastic threshold of 80 is being crossed by the cryptocurrency, which is trading in the overbought area and above level 80. It implies that the alternative coin might fall to its previous low.

Conclusion
On the 4-hour chart, the Ether price reaches bullish exhaustion as it retraces from an overbought region. The bullish momentum has stalled at $1,345 in price. This is a sign that the upward trend is currently waning. The altcoin is testing its previous peak from December 13.

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