Ethereum Varies Below $1,220 as It Faces Strong Rejection

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Ethereum ETH) Current Statistics
The current price: $1,216.01
Market Capitalization: $148,863,230,544
Trading Volume: $3,033,346,219
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis January 3, 2022
Ethereum (ETH) is rising but varies below the $1,220 resistance as it faces strong rejection. The barrier at $1,220 and the moving average lines impede the upward movement. On December 27, buyers made fruitless attempts to maintain the price above the moving average lines. At the moment, buyers are having difficulty breaking through the moving average lines. Additionally, the biggest altcoin has entered the overbought area after reaching a high of $1,220. If the bulls break above the moving average lines, the bullish momentum will increase to the high of $1,300. If buyers are unable to break the previous high, the present range-bound trend will remain between $1,100 and $1,240.

Ethereum Varies Below $1,220 as It Faces Strong Rejection
ETH/USD – Daily Chart

ETH Technical Indicators Reading
For period 14, the Relative Strength Index stands at 48. Ether is in a bearish trend and may fall. The price bars are below the moving average lines, indicating further drop. The altcoin is trading at a daily Stochastic threshold of 40, and Ether is bullish above the daily Stochastic level of 70. If sellers appear in the overbought region, the altcoin will fall.

Conclusion
On the 4-hour chart, Ether varies below $1,220 as it faces strong rejection. The altcoin is currently trading below the $1,220 high resistance. A retraced candle body on the upward trend of January 2 tested the 78.6% Fibonacci retracement line. According to the retracement, ETH will increase before turning about at level 1.272 Fibonacci extension, or $1,230.75.Ethereum Varies Below $1,220 as It Faces Strong RejectionYou can purchase crypto coins here. Buy LBLOCK


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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.