Ethereum Is in a Range as It Faces Rejection at the $1,300 High

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Ethereum ETH) Current Statistics
The current price: $1,273.15
Market Capitalization: $155,709,942,514
Trading Volume: $6,538,808,799
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis November 30, 2022
Ethereum’s (ETH) price is falling as it faces rejection at the $1,300 high. As Ether drops, the upward corrective has come to an end. Ether’s price has been fluctuating just slightly, between $1,071 and $1,350. As it moves downward toward the 21-day line SMA, it is currently contained between the moving average lines. On the downside, Ether will retest the present support at $1,100 if it drops below the 21-day line SMA. Nevertheless, if Ether finds support above the 21-day line SMA, the range-bound move will resume.

 Ethereum Is in a Range as It Faces Rejection at the $1,300 High
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has been stable at level 41 on the Relative Strength Index for period 14. It is susceptible to a decline and is still in a bearish trend zone. Sellers will prevail over purchasers as long as the price bars are below the moving average lines. The 21-day and 50-day SMA moving average lines are a sign of the collapse.

Conclusion
Ethereum fluctuates in between the moving average lines as it faces rejection at the $1,300 high. With resistance at its $1,300 high, the biggest altcoin is most likely to decline. The market has also reached the overbought region. As more sellers enter the market, prices will decrease.

Ethereum Is in a Range as It Faces Rejection at the $1,300 High
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.