Ethereum Price Is Stagnant as It Fluctuates Below $1,678

Ethereum ETH) Current Statistics
The current price: $1,634.73
Market Capitalization: $199,723,541,766
Trading Volume: $8,260,129,351
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis January 23, 2023
The price of Ethereum (ETH) is stable and above the $1,600 support level as it fluctuates below $1,678. The next resistance level at $1,678 was retested on January 21 and the cryptocurrency price declined. Bulls bought the dips as the altcoin retraced to the low of $1,501. The largest altcoin has been trading between $1,500 and $1,700 since January 20. At the resistance of $1.678, Ether is significantly overbought. As the market approaches overbought territory, there hasn’t been much upward movement. If price breaks below the $1,500 support, Ether will fall to its previous low at $1,352. This is due to Ether’s price action in the past, which saw resistance at this level on October 29 and November 4. If Ether’s price overcomes resistance at $1,678, the largest altcoin will rise to a high of $1,800.

ETH Technical Indicators Reading
The level of the Relative Strength Index for ETH/USD is 75. It is barely moving upward and is in the bullish trend zone. Price bars that are above moving average lines can be used to explain the altcoin’s upward movement. Ether may decline as it trades in the overbought region of the market. A bullish momentum is present for the altcoin above the daily Stochastas level of 30.


Conclusion
Ether is currently oscillating between $1,500 and $1,700 as it fluctuates below $1,678. The largest altcoin may fall as a result of its resistance at the overbought area during other price movements. The small body of erratic candlesticks is the cause of the price movement’s stagnation.

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