Ethereum Pauses as It Retraces From the $1,345 Resistance

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Ethereum ETH) Current Statistics
The current price: $1,336.26
Market Capitalization: $163,730,134,429
Trading Volume: $5,695,628,157
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis January 10, 2022
Ethereum (ETH) price has four times retested the $1,300 resistance level as it retraces from the $1,345 resistance.. As the altcoin’s upward trend resumes, Ether’s price has broken through the resistance today. On the plus side, ETH/USD will retest its previous high of $1,678 if the bullish momentum is maintained. Ether will drop to the range-bound region between the $1,100 and $1,300 price levels if buyers are unable to maintain the current bullish momentum. The altcoin will continue to fall until it reaches the $1,273 breakout level. The asset’s value has increased to as much as $1,339 as of this writing.

Ethereum Pauses as It Retraces From the $1,345 Resistance
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is in an uptrend zone and at level 69 of the Relative Strength Index for period 14. The largest altcoin has advanced to the overbought area of the market. The current bullish momentum might end on an upward trajectory. To lower prices, sellers will also start to appear in the overbought area. As Ether approaches the overbought area, the price bars are above the moving average lines. Ether is also above the daily Stochastic level of 80. It shows that the altcoin is overbought.

Conclusion
The Ether price reaches bullish exhaustion on the 4-hour chart as it retraces from the $1,345 resistance. Further upward movement of the coin is improbable as the market enters the overbought zone. The largest altcoin may experience a price decline and drop to the range-bound region between $1,100 and $1,300.

Ethereum Pauses as It Retraces From the $1,345 Resistance
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.