Ethereum Recovers as It Revisits the $1,600 Barrier Level

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Ethereum ETH) Current Statistics
The current price: $1,594.81
Market Capitalization: $193,466,401,941
Trading Volume: $14,785,917,645
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis October 31, 2022
Ethereum (ETH) is in an uptrend as it struggles below the $1,600 barrier level. Since October 26, buyers have had trouble getting above the $1,600 barrier. Today, the ETH price rose past the resistance level before falling. As it encounters resistance at $1,600, ETH is slipping backward. The uptrend will resume on the upside if the altcoin dips above the moving average lines. If the price drops below the moving average line, the decline will resume. Since sellers will emerge in the overbought territory, an immediate upward advance is improbable.

ETH Technical Indicators Reading
On the Relative Strength Index for period 14, Ethereum is at level 63. After a recent upward correction, the altcoin is now in the uptrend zone. Ether will rise further since the price bars are above the moving average lines. Ether is trading below the daily stochastic’s 40% zone, which points to a possible decline. The upward trend is indicated by the moving average lines as it makes a U-turn.

Conclusion
Ethereum has dropped and broken below the $1,600 barrier level on the 4-hour chart. Ether made an upward corrective during the October 31 decline, and a candle body tested the 61.8% Fibonacci retracement level. According to the correction, ETH will drop to level 1.618 of the Fibonacci extension, or $1,489.36.

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