Ethereum Resumes Uptrend as Reaches the Overbought Region at $1,605

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Key Highlights

Ethereum makes an upward correction
The altcoin reaches the high of $1,605

Ethereum ETH) Current Statistics
The current price: $1,594.74
Market Capitalization: $194,955,605,135
Trading Volume: $11,008,086,967
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300


Ethereum (ETH) Price Analysis September 5, 2022
Ethereum’s (ETH) price is making an upward correction as reaches the overbought region at $1,605. Since the August 28 price slump, the biggest altcoin has been fluctuating between $1,400 and $1,600 price levels. On the upside, if buyers break above the moving average, Ether will rally to $2,030 overhead resistance. Nonetheless, if the biggest altcoin turns down from the moving averages lines, the altcoin will decline to the previous low at $1,424. ETH/USD is trading at $1,587.47 at the time of writing.

Ethereum Resumes Uptrend as Reaches the Overbought Region at $1,605
ETH/USD – Daily Chart

ETH Technical Indicators Reading
It is at level 47 of the Relative Strength Index for period 14. Ether is still in the downtrend zone but approaches the bullish trend zone. The crypto’s price is below the moving average lines indicating a further decline. The altcoin is above the 40% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
Ethereum is in an uptrend and has reached the overbought region at $1,605. Meanwhile, on the August 20 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that ETH will fall to level 1.272 Fibonacci extension or $1,399.44. From the price action, the biggest altcoin has reversed as it makes an upward correction.

Ethereum Resumes Uptrend as Reaches the Overbought Region at $1,605
ETH/USD – Daily Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.