Ethereum Struggles above $1,300 Support as It Risks a Decline

Key Highlights
ETH/USD resumes consolidation
Ether holds above $1,300 support

Ethereum (ETH) Current Statistics
The current price: $1,312.89
Market Capitalization: $160,742,647,053
Trading Volume: $6,943,790,222
Key Resistance Zones: $2,500, $3,300, $4,000
Key Support Zones: $2,000, $1,500, $1,000

Ethereum (ETH) Price Analysis October 22, 2021
Ethereum (ETH) is in a sideways trend as the largest altcoin consolidates below the moving average lines. Ether’s price is struggling to break above the 21-day line SMA. The altcoin will turn down from the moving average lines, each time it retests the recent high. The price movement has been stagnant because of the presence of Doji candlesticks. Ether will trend when the 21-day line SMA is breached and the bullish momentum is sustained. Conversely, if Ether turns down from the moving average lines, the selling pressure will resume. The cryptocurrency will decline and revisit the $1,000 psychological price level.

Ethereum Technical Indicators Reading
The biggest altcoin is in a sideways move at level 46 of the Relative Strength Index for period 14. The altcoin may decline if the price bars remain below the moving average lines. The moving average lines are sloping horizontally indicating a sideways trend. The cryptocurrency will resume selling pressure as it is above the 80% range of the daily stochastic. Ether is trading in the overbought region.

Conclusion
Ether is trading in the overbought region. According to the price indicator, the biggest altcoin will further decline. On October 20 downtrend, Ether made an upward correction and a candle body tested the 61.8% Fibonacci retracement level. The correction implies that ETH will fall to level 1.618 Fibonacci extension or $1,228.84.

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