Ethereum Holds Above $1,600 As Buyers And Sellers Consider Next Move

The Ethereum price (ETH) is in an uptrend, but the upward movement was stopped at the resistance zone of $1,600.

Long-term analysis of the Ethereum price: bullish

Last week, buyers and sellers engaged in a price battle at the $1,600 resistance zone. The largest altcoin is trading in the overbought zone of the market. The current bullish momentum has reached bullish exhaustion as sellers are showing up in the overbought region.

Today, November 1, 2022, price action has been marginal as the cryptocurrency fluctuates below and above its recent high. At the time of writing, Ether is trading at $1,621. Further upward price movement is unlikely as the market is approaching overbought territory. The altcoin will fall above the moving average lines or support at $1,400 if it is rejected at the recent high. The downtrend could continue if the $1,400 support is breached.

Ethereum Indicator Analysis

Ethereum has risen to the value of 69 in the Relative Strength Index for the period 14. The largest altcoin is trading in the overbought region of the market. This means that sellers will take control of prices when the altcoin falls. Ether’s price bars are above the moving average lines, which indicate a possible rise. Ether is trading above the 40% area of the daily stochastic, which indicates 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?

Ethereum is in the bullish trend zone, fluctuating around the $1,600 resistance. On the 4-hour chart, the price bars are above the 21-day line SMA. Ether will rise if the 21-day line holds as support. Currently, the altcoin is moving below the high of $1,666.

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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