Ethereum Risks Drop To $720 As Sellers Target Current Support Again
Nov 29, 2022 at 11:57 //
PriceEthereum price (ETH) is falling as it faces resistance at the high of $1,200. ETH /USD moved between the levels of $1,070 and $1,350 in the past price action.
Ethereum price long-term analysis: bearish
Below the high of $1,200, the upward movement is limited today. Ethereum is now trading in a restricted range between $1,070 and $1,200. After rejecting the $1,200 or the 21-day line SMA, Ether is currently falling. Sellers will try to test the support at $1,000 for the third time. If the $1,000 level holds, Ether will recover and overcome the $1,200 level. Until the high of $1,400, the positive trend will continue. On the other hand, if the bears break below the $1,000 support, the decline will continue. Ether will become cheaper and reach a new low at $720.
Ethereum indicator analysis
On the Relative Strength Index for period 14, Ethereum is at level 39. It is currently in a downtrend area and could continue to fall. A further decline is predicted as the price bars remain below the moving average lines. The 21-day and 50-day lines SMA are sloping downward, indicating a decline. The daily chart's stochastic is below the 50 level, indicating a bearish 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?
It is likely that Ethereum will continue to fall due to resistance at the 21-day line SMA. If the current support is broken, the price indicator will show a possible decline. Ether had an upward correction during the decline on November 9 and a candlestick tested the 61.8% Fibonacci retracement level. After the correction, ETH will fall to a low of $703 or the 1,618 Fibonacci Extension level.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow