Ethereum Bounces Below Resistance Of $1,300
Dec 09, 2022 at 12:42 //
PriceThe Ethereum price (ETH) continues to fluctuate in a range since November 30. The cryptocurrency price bars are within the moving average lines.
Ethereum price long-term analysis: bearish
The largest altcoin will not move while the moving average lines are still in place. Since the market is still in a range, it is unknown which way the pendulum will swing. ETH rallied to the $1,300 resistance area yesterday, but was rejected. The price of Ether is currently fluctuating below the resistance area. In order to resume the positive momentum of the upswing, buyers need to break through the resistance above $1,300. If the buyers are successful, Ether will rise above the 50-day line SMA. If sellers break above the 21-day line SMA, the largest altcoin will fall again. At the time of writing, the price of ETH /USD is $1,282.
Analysis of Ethereum indicators
On the Relative Strength Index, Ethereum climbed to the 52 level for the 14 period. Ether is in a bullish trend zone and could gain momentum in the upward direction. The price bars on the daily chart are between the moving average lines, indicating that the cryptocurrency is likely to move in a range. The largest altcoin has reached the overbought zone of the market. It exceeds the stochastic value of 80 for the day.
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 fluctuating sideways between the moving average lines. The price movement has remained the same. At the resistance zone of $1,300, the upward movements are limited. The cryptocurrency price has challenged the area of resistance four times. After encountering resistance at the recent high, Ether is now bouncing below the resistance zone.
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