Ethereum Varies Between $1,506 and $1,600 as Price Momentum Diminishes

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Ethereum ETH) Current Statistics
The current price: $1,562.28
Market Capitalization: $191,252,149,755
Trading Volume: $8,132,174,688
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis January 16, 2023
Ethereum (ETH) price has retraced below the $1,600 barrier level as price momentum diminishes. As price consolidates above the $1,500 support, the upward tendency has diminished. In other words, the price of Ether oscillates between $1,500 and $1,600. If buyers maintain their positive momentum above the resistance of $1,600, the price could rise. The largest altcoin will reach the high of $1,678 or $1,789. However, the positive possibility might be ruled out because of the market’s overbought state. On the downside, the selling pressure can pick up again if bears break through the $1,500 support level. The $1,352 breakthrough level will be reached by Ether. The altcoin might lose value and be forced to trade in a narrow range between $1,300 and $1,600.

ETH Technical Indicators Reading
The Relative Strength Index of 82 for period 14 indicates that Ether is continuing trading in an overbought region. Since the market is severely overbought and could tumble, it is unlikely that the positive momentum would pick up again. The price increase-causing moving average lines are located below the current price. Ether’s daily Stochastic is in a negative momentum when it is below the level of 80.


Conclusion
Ether price has remained constant beneath the $1,600 resistance area as price momentum diminishes. The price of the largest altcoin varies between $1,506 and $1,600. When the range-bound levels are breached, the altcoin will trend.

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