Ethereum Trades in a Confined Range as Demand and Supply Reach Equilibrium

Ethereum is in a sideways trend
The altcoin trades between $3,000 and $3,400

Ethereum ETH) Current Statistics
The current price: $3,135.91
Market Capitalization: $369,959,674,234
Trading Volume: $13,876,892,629
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis January 19, 2022
Ethereum’s (ETH) price is in a range-bound move as demand and supply reach equilibrium. Since January 8 price slump, the bearish trend has subsided as the altcoin resumed a sideways move between $3,000 and $3,400. For the past week, Ethereum has been trading in a confined range. Since January 16, the altcoin has been falling after retesting the resistance at $3,400. Today, Ether has fallen to the low of $3,049 and it is pulling back to resume upward. This has been the price action since January 8. A breakout or breakdown will cancel the range-bound movement.

ETH Technical Indicators Reading
Ether is at level 35 of the Relative Strength Index for period 14. The largest altcoin is still in the downtrend zone. The 21-day SMA and 50-day SMA are sloping southward indicating the downtrend. Ether is above the 25% range of the daily stochastic. It indicates that Ether is in a bullish momentum. Buyers are emerging in the oversold region to push prices upward.


Conclusion
On the 4-hour chart, ETH/USD is in a sideways trend as demand and supply reach equilibrium. For the past two weeks, the largest altcoin has been in the range-bound move between $3,000 and $3,400 price levels. A range-bound trader can follow the sideways trend and initiate corresponding orders. Presently, Ether is trading at a lower price range. A trader ought to initiate a long order at the support level and exit the order at the resistance zone. Similarly, if Ether faces rejection at the resistance level, a short-order ought to be initiated and you exit the order at the support level.

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