Ethereum Makes Positive Moves but Faces Rejection at $1,370

Ethereum ETH) Current Statistics
The current price: $1,342.37
Market Capitalization: $164,267,992,534
Trading Volume: $11,379,821,512
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis October 23, 2022
Ethereum (ETH) is in a downtrend as it faces rejection at $1,370. The crypto’s price is expected to retest or break the 50-day line SMA. Ether’s price is retracing after failing to break above the 50-day line SMA. The biggest altcoin will be compelled to a range-bound move if it retraces above the 21-day line SMA. On the other hand, if the bear’s beak is below the 21-day line SMA, the selling pressure will resume. Ether will decline to the previous low of $1,220. The downtrend may extend to $1,000 if the it overcomes the crucial support at $1,220.

ETH Technical Indicators Reading
At level 51 of the Relative Strength Index for period 14, there is a balance between supply and demand. Ether will be compelled to a range-bound move as the price bars are between the moving average lines. The cryptocurrency remains below the daily stochastic’s 80% area, indicating a possible decline. A sideways trend is shown by the horizontal tilting of the moving average lines.

Conclusion
On the 4-hour chart, Ethereum made an upward correction as it faces rejection at $1,370. The biggest altcoin is in the overbought region as sellers emerge to push prices down.

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