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Ethereum Barely Moves And Rises Above $1,620 High

Ethereum

coinidol.com 23 January 2023 19:35, UTC
  
Reading time: ~2 m

Ethereum price (ETH) has crossed the resistance level of $1,620, continuing the uptrend.

Long-term analysis of the Ethereum price: bullish

As it approaches the next resistance at $1,678, Ether is briefly rising. As the altcoin trades in the overbought zone of the market, the upward movement was minimal. The next resistance level of $1,678 is where Ethereum is likely to be rejected. When the price tested this resistance level on October 29 and again on November 4, the largest altcoin was rejected. Currently, Ethereum will rise to a high of $1,800 if the Ether price breaks through resistance at $1,678. However, if the altcoin is turned down at its recent high, it will fall. The price of Ether will fall until it reaches a low of $1,352.

Analysis of Ethereum indicators

After a recent retracement, the price of ETH /USD is rising. The altcoin is at level 75 for period 14 of the Relative Strength Index. Trading in the overbought zone of the market, Ether could fall. The upward movement of the altcoin can be attributed to price bars that are above the moving average lines. Above the daily stochastic level of 30, the altcoin is in a bullish momentum.

Technical indicators:

Key resistance levels - $2,000 and $2,500

Key support levels - $1,500 and $1,000

What is the next direction for Ethereum?

Ether is moving sideways below the $1,678 resistance on the 4-hour chart. Doji candlesticks can be seen, which are responsible for the current rangebound movement. The candlesticks represent the indecision of buyers and sellers.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.


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