Ethereum Makes Positive Moves but Risks Rejection at $1,800 High

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Key Highlights
Ethereum breaks above the moving average lines
ETH/USD reaches overbought region

Ethereum ETH) Current Statistics
The current price: $1,763.28
Market Capitalization: $215,661,971,771
Trading Volume: $12,285,069,184
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis September 9, 2022
Ethereum’s (ETH) price is making an upward correction but risks rejection at $1,800 high. As price breaks above the moving average lines, there is a tendency for the altcoin to revisit the $2,030 resistance. Nevertheless, Ether is likely to face rejection at the recent high as it approaches the overbought region of the market. Nevertheless, Ethereum will retrace below the 50-day line SMA if it faces rejection at the recent high. The altcoin will be compelled to a range-bound move between the moving average lines. However, if Ether declines below the moving average lines, selling pressure will be accelerated. Ether will further decline to $1,424 or $1,280 low.

Ethereum Makes Positive Moves but Risks Rejection at $1,800 High
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 59 of the Relative Strength Index for period 14. The crypto is in the bullish trend zone and may further rise. The crypto’s price is above the moving average lines which indicates a possible upward move. ETH is above the 60% range of the daily stochastic. It is in a bullish momentum.

Conclusion
Ethereum is in an uptrend but risks rejection at $1,800 high. The largest altcoin is trading in the overbought region. Therefore, the current uptrend may be short-lived. The crypto will rise but will face rejection at the $1,800 high.

Ethereum Makes Positive Moves but Risks Rejection at $1,800 High
ETH/USD – Daily 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.