Ethereum Declines as It Faces Rejection at $1,300

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Ethereum ETH) Current Statistics
The current price: $1,200.45
Market Capitalization: $146,761,457,785
Trading Volume: $11,076,601,221
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis November 17, 2022
Ethereum’s (ETH) price is on a downward trend as it faces rejection at $1,300. The largest altcoin has been trading between levels of $1,070 and $1,350 since November 9. The crypto is barely falling as it gets closer to the lower price range. The existing support may be retested or broken, which is negative. If the current support holds, the cryptocurrency will move in a range-bound manner for a few more days. On the other side, if the bears breach the current level, the market will continue to fall to the next support over $900. However, if the market becomes oversold, Ether will turn around.

Ethereum Declines as It Faces Rejection at $1,300
ETH/USD – Daily Chart

ETH Technical Indicators Reading
On the Relative Strength Index for period 14, Ethereum is at level 38. As it gets closer to the oversold region, Ether has kept falling in the bearish trend zone. The price bars for Ether are below the moving average’s lines, indicating a potential decline. The daily Stochastic for Ether is currently above level 40, signaling a further decrease.

Conclusion
Ethereum is in a trading range as it faces rejection at $1,300. At the time of writing, the altcoin is trading for $1,202. The present support may be retested by Ether, or it may rebound at the current support.

Ethereum Declines as It Faces Rejection at $1,300
ETH/USD – Daily Chart

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.