Ethereum Pauses above $1,600 as It Advances to the Next Barrier

Key Highlights
ETH/USD revisits the resistance at $1,600
The biggest altcoin will attempt previous highs

Ethereum (ETH) Current Statistics
The current price: $1,651.61
Market Capitalization: $202,113,400,940
Trading Volume: $20,914,587,930
Key Resistance Zones: $2,500, $3,300, $4,000
Key Support Zones: $2,000, $1,500, $1,000

Ethereum (ETH) Price Analysis November 4, 2022
Ethereum (ETH) trades above the moving average lines as the altcoin revisits the resistance at $1,600. Buyers attempt to keep the bullish momentum and hold the price above the existing resistance. Once buyers surpass the $1,600 high, the bullish momentum will increase to highs of $1,800 and $2,019 in price. The resistance level has currently been retested and broken by buyers. If the bullish momentum continues, further gains are probably in store. If the largest altcoin declines from its recent high, it will find support at $1,550. At the time of writing, the price of ether is $1,648.70.

Ethereum Technical Indicators Reading
The cryptocurrency has reached level 72 of the Relative Strength Index for period 14. Ether is hovering within the levels in the overbought region of the market. Sellers will emerge as the altcoin reaches bullish exhaustion. The overbought condition is also confirmed as it is above the 80% range of the daily stochastic. However, in a strong trending market, an overbought condition may not hold.

Conclusion
As it approaches the overbought area of the market, ETH/USD pauses. The largest altcoin is retesting the price level from October 29. Buyers were unable to maintain the positive momentum above the most recent high in October. If the current resistance is broken, Ether will surge above $1,800. A retraced candle body tested the 61.8% Fibonacci retracement line on the upswing of October 29. The retracement predicts that ETH will increase to the Fibonacci extension level of 1.618, or $1,895.61.

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