Ethereum Reaches an Overbought Region, Faces Rejection Twice at $2,700 High

Ethereum makes an upward correction to the high of $2,756
ETH/USD reaches an overbought region of the market

Ethereum ETH) Current Statistics
The current price: $2,647.01
Market Capitalization: $316,852,179,584
Trading Volume: $13,281,411,345
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis February23, 2022
Ethereum’s (ETH) price is now in a downtrend as it faces rejection twice at $2,700 high. Ether price fell to the low of $2,563 as bulls bought the dips. The largest altcoin is making an upward correction but it is facing resistance at the $2,756 high. If Ether turns from the recent high and breaks below the $2,500 support, the altcoin will decline to the previous low at $2,300 support. Since January 22, ETH/USD has been consolidating above the $2,300 support.

ETH Technical Indicators Reading
Ether is at level 43 of the Relative Strength Index for period 14. The market has fallen to the downtrend zone and below the centerline 50. This implies that the altcoin is capable of a further downward move. Ether’s price bars are below the moving averages which give the impression of a further downward move. Ether is above the 80% range of the daily stochastic. The market is in the overbought region. As Ether faces rejection, the altcoin may likely decline.

Conclusion
On the 4-hour chart, the altcoin is in an upward move but faces rejection twice at $2,700 high. The uptrend reached an overbought region of the market. Meanwhile, on February 20 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. the Retracement indicates that Ether will fall to level 1.272 Fibonacci extension or $2,400.42.

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