Ethereum Trades in a Tight Range As It Recovers From $1,190 Low

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Key Highlights
Ether is in a range-bound move between $1,220 and $1,400 price levels
Ether trades in the bearish trend zone.

Ethereum ETH) Current Statistics
The current price: $1,283.31
Market Capitalization: $157,698,445,416
Trading Volume: $6,889,954,793
Major supply zones: $1,800, $2,000, $2,200
Major demand zones: $1, 700, $1,500, $1,300

Ethereum (ETH) Price Analysis October 15, 2022
Ethereum (ETH) is in a downtrend as it recovers from the $1,190 low.
The price action is characterized by small-body indecisive candlesticks called Doji and Spinning Tops. The candlesticks are indicating that buyers and sellers are undecided about the direction of the market. However, on October 13, Ether sank to the low of $1,190 as bulls bought the dips. On the upside, the upward move is restrained by the 21-day line SMA. On the downside, the bulls have continued to defend the $1,220 support.

Ethereum Trades in a Tight Range As It Recovers From $1,190 Low
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether has continued its sideways move at level 41 of the Relative Strength Index for period 14. The price bars are below the moving average lines which indicates further decline. The Doji candlesticks indicate the indecision between buyers and sellers about the direction of the market


Conclusion
Ethereum is seriously in a range-bound move as it recovers from $1,190 low. Ether’s price is trading marginally. On October 11 downtrend, Ether corrected upward and a candle body tested the 61.8% Fibonacci retracement level. The correction suggests that ETH will fall to level 1.618 Fibonacci extension or $1,225 price level.

Ethereum Trades in a Tight Range As It Recovers From $1,190 Low
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.