Ethereum Retraces from the Overbought Region as It Holds above $1,568

Key Highlights

Ethereum faces rejection at the $1,800 resistance zone
ETH/USD is now in a downward correction

Ethereum ETH) Current Statistics
The current price: $1,618.44
Market Capitalization: $198,026,059,252
Trading Volume: $22,832,258,512
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300


Ethereum (ETH) Price Analysis September 13, 2022
Ethereum’s (ETH) price declines as it holds above $1,568. The biggest altcoin has turned down from the $1,800 resistance zone. The downtrend will be accelerated if price breaks below the moving average lines. The bearish momentum will extend to the low of $1,424. Nonetheless, if Ether falls below the 50-day line SMA, the selling pressure will subside as the crypto resumes a sideways move. Ether will be trading above the 21-day line SMA but below the 50-day line SMA. The coin will be in a range-bound move for a few more days.

ETH Technical Indicators Reading
Ether is at level 47 of the Relative Strength Index for period 14. It is in the downtrend zone because of the recent decline. The altcoin is still below the 80% range of the daily stochastic. Ether is in a bearish momentum. Sellers have emerged in the overbought region. The crypto’s price is between the moving average lines which indicates a possible range-bound movement of the coin.

Conclusion
Ethereum has retraced above the 21-day line SMA as it holds above $1,568. The selling pressure has subsided as it holds above the $1,600 support. Meanwhile, on September 13 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that ETH will fall to level 2.0 Fibonacci extension or $1,568.07.

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