Ethereum Reaches Bearish Exhaustion, May Resume Uptrend above $2,400

Ethereum reaches an oversold region
The altcoin slumps to $2,300 low

Ethereum ETH) Current Statistics
The current price: $2,429.40
Market Capitalization: $289,777,538,348
Trading Volume: $19,975,243,748
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis January 23, 2022
Ethereum’s (ETH) price has fallen significantly to the low of $2,301 but may resume uptrend above $2,400. Ether price corrected upward but it is resisted at the $2,600 high. Presently, it is hovering above the $2,300 support. For the past 48 hours, Ether has been fluctuating between $2,300 and $2,600 price levels. On the downside, if the bears break below the $2,300 support, the market will decline to $2.050 or $1,721 low. On the other hand, if the bulls break above the $2,600 high , Ether will rally to $3,450 high. The crypto is likely to resume upward as there are bullish candlesticks above the current support.

ETH Technical Indicators Reading
Ether is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. The bullish candlesticks above the $2,300 support indicate a possible upward move. Buyers are expected to emerge in the oversold region. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend. The crypto’s price is below the moving averages indicating the downtrend.

Conclusion
ETH/USD is in a downward move but may resume uptrend above $2,400. A further downward move is unlikely. Meanwhile, on January 10 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ETH will fall to level 1.272 Fibonacci extension or $2,422.94.

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