Ethereum Makes an Upward Correction, Faces Rejection at $2640

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Ethereum fluctuates between $2,400 and $2,700 price levels
ETH/USD struggles below $2,620 high

Ethereum ETH) Current Statistics
The current price: $2,598.89
Market Capitalization: $310,016,797,127
Trading Volume: $10,164,353,490
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis January 30, 2022
Ethereum’s (ETH) price is still in a downward correction at the bottom of the chart but faces rejection at $2640. Since January 22 price slump, the market has been fluctuating between $2,400 and $2,700 price levels. On January 26 uptrend, buyers attempted to keep the price above the $2,700 high but were repelled. Ether was repelled as the market reached an overbought region of the market. On the upside, if buyers were successful, the market will rise to the high of $3,300. Today, Ether is rising to retest the recent high. However, if the altcoin faces another rejection, the largest cryptocurrency will be compelled to a range-bound move.

Ethereum Makes an Upward Correction, Faces Rejection at $2640
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is in an upward move as it reaches level 35 of the Relative Strength Index for period 14. The largest altcoin is in the downtrend zone and capable of falling to the downside. Ether is above the 80% range of the daily stochastic. Ether price has reached an overbought region of the market. The biggest altcoin is likely to retrace to the downside as sellers emerge in the oversold region. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend.

Conclusion
ETH/USD has been in an upward move as it faces rejection at $2640. The altcoin is facing rejection at the recent high. Meanwhile, on January 29 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.272 Fibonacci extension or $2,678.45.

Ethereum Makes an Upward Correction, Faces Rejection at $2640
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.