Ethereum Price Is Fluctuating as It Faces Resistance at $1,678

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Ethereum ETH) Current Statistics
The current price: $1,599.51
Market Capitalization: $195,796,811,728
Trading Volume: $10,777,576,622
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis January 26, 2023
Ethereum (ETH) price is currently trading between the $1,500 and $1,700 price levels as it faces resistance at $1,678. The biggest altcoin retested the next resistance at $1,678 on January 21. As the market entered the overbought zone, the upward trend could not be maintained. Ether will nevertheless reach the next resistance at $1,800 if the bulls can overcome the resistance at $1,678. Ether could fall, though, if the bullish scenario turns out to be false. On the downside, the altcoin will drop to a low of $1,352 if the bears breach the $1,500 support. Ether is currently bouncing around below the resistance level.

ETH Technical Indicators Reading
The Relative Strength Index for Ether has dropped to level 67 for period 14. Before now, the crypto asset was overbought. It is currently in a bullish trend zone and could increase. The coin rises when price bars are still above moving average lines. If the price bars fall below the moving average lines, the altcoin will lose value. Ether has a bullish momentum above the daily Stochastic level of 60.

Conclusion
Ether is fluctuating in a range as it faces resistance at $1,678. The resistance at the most recent high for the biggest altcoin may cause it to decline. As bulls bought the dips, the price of ETH returned to the area of support. However, buyers continue to support the upward trend.

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