Ethereum Struggles below $2,775 as Price Reaches an Overbought Region

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Ethereum makes an upward correction
ETH/USD reaches an overbought region

Ethereum ETH) Current Statistics
The current price: $2,711.83
Market Capitalization: $325,132,343,184
Trading Volume: $14,062,481,683
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis March 9, 2022
Ethereum’s (ETH) price is in a downward correction as price reaches an overbought region. Presently, the upward move is facing resistance at the recent high. Ether’s price has reached the overbought region. On the upside, if price breaks above the moving averages it will face resistance at $3,000 and $3,200. However, if those resistance levels are cleared the largest altcoin will be out of downward correction. On the downside, if the altcoin faces rejection at the moving averages, the downward correction will resume. Besides, the altcoin risks further decline below $2306.

Ethereum Struggles in a Downward Correction as Price Reaches an Overbought Region
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether is at level 48 of the Relative Strength Index for period 14. It indicates that the altcoin is in the downtrend zone and below the centerline 50. It is capable of a further downward move. Ether is above the 80% range of the daily stochastic. The crypto’s price is at the overbought region. There is a possibility of Ether declining to the downside. Also, it implies that the downward correction will persist.

Conclusion
On the 4-hour chart, Ethereum is in an upward move as price reaches an overbought region. The current price is at the overbought region of the market. A further upward move is doubtful as sellers emerge in the overbought region.

Ethereum Struggles in a Downward Correction as Price Reaches an Overbought Region
ETH/USD – 4 Hour 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.