Ethereum Is Stuck as It Retraces From an Overbought Region

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


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.

 .Ethereum Is Stuck at $1,345 as It Retraces From an Overbought Region
ETH/USD – Daily Chart

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.

.Ethereum Is Stuck at $1,345 as It Retraces From an Overbought Regionl
ETH/USD – 4 Hour Chart

You can purchase crypto coins here. Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.