Ethereum Corrects Upward but May Face Rejection at the $1,350 High

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Ethereum ETH) Current Statistics
The current price: $1,201.16
Market Capitalization: $147,028,924,260
Trading Volume: $11,213,687,397
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis November 22, 2022
Ethereum (ETH) price is making an upward correction but may face rejection at the $1,350 high. As of right now, Ether’s price has been ranging between $1,070 and $1,350. The largest altcoin is currently reversing upward to retest the $1,350 high. Ether may experience another dip as it gets closer to the overbought area. If the cryptocurrency price breaks over the $1,350 high, the altcoin will soar above the moving average lines. Following that, the bullish momentum will keep escalating until it reaches a high of $1,600. In contrast, where Ether turns down from the resistance zone, the selling pressure will increase once more. However, Ether will drop to a low above $721 if the bears break the crucial support level at $1,070.

ETH Technical Indicators Reading
On the Relative Strength Index for period 14, Ethereum is at level 43. Ether is trending downward but corrects to the upside. The price bars are below the moving average lines for Ether, indicating a likely further decrease. Ethereum is moving upward above the daily Stochastic’s level 40.

Conclusion
Ethereum is currently moving in a range but may face rejection at the $1,350 high. If Ether is rejected at a $1,350 high, it will drop. In cases when the range-bound levels are still intact, the coin will start moving laterally once more. However, if the bears break below the existing support, the decline would resume.

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