ETH/USD Gets Rejected at $1600

From the 10th of October, the Ethereum market entered into a price consolidation period. With high proximity between the support and resistance, the daily price actions ranged sideways for about 11 days (that is from the 11th to the 20th of October). The market ranged at around $1339 price level. On the 13th of October, their was a bearish spike in the trend, but all the bearish price (for that day) was recovered by the bullish market leaving a doji as the candle pattern that represents that day. ETHUSD began to have a clear directional break out to the upside on the 23rd of October. And for each day that followed, the bullish momentum increased.

Ethereum Market Price Statistic:

• ETH/USD price now: $1564
• ETH/USD market cap: $189,456,365,985
• ETH/USD circulating supply: 122,373,863.50
• ETH/USD total supply: 122,373,863
• ETH/USD coin market ranking: #

Key Levels

• Resistance: $1600, $1650, $170
• Support: $1300, $1250, $1200

Ethereum Market Price Analysis: The Indicators Point of View

The Ethereum bullish price breakout experienced a progressive bullish momentum from the 22nd. But the bulls market was rejected at the $16,000 price level in yesterday’s market. Today’s session has a static price. This is because at around the current price level, there is a struggle between buyers and sellers for market dominance. Reaching this height, some traders are taking profits after considering that they have made enough earnings from the recent strong bullish move, but some traders are still buying at this point. 

When we consider the RSI indicator, we see that the price action has entered the overbought zone. The RSI line measures 71%. It is usually expected that the price will correct itself into the boundary of the bullish zone of the RSI indicator. However, the bullish momentum is still very strong at this point.

ETH/USD 4-Hour Chart Outlook

The price pullback began in the 5th session of yesterday’s market as a doji represented that session. The first session of today opened with a bearish doji, but in the second session, we see a small bullish candle representing that session. Bulls are attempting to regain control over the market. For the four trading sessions between late yesterday and today, the price ranges at the current price. As we are already seeing bullish activities in the market, it is very likely that the price break the $1600 resistance.

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