Ethereum May Decline Sharply if It Loses $1,200 in Support

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Ethereum ETH) Current Statistics
The current price: $1,215.94
Market Capitalization: $148,763,469,973
Trading Volume: $5,771,529,242
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis November 25, 2022
Ethereum (ETH) price is declining as it loses $1,200 in support. The resistance at $1,216 has stopped further gains in Ether. The price of Ether has been varying only slightly, between levels of $1,071 and $1,350. The upward correction, which had risen to a high of $1,216, was repelled. The altcoin price has been swinging between below and above the current support level of $1,200. The price indication predicts a potential decrease if the existing support is broken. Thus, the sellers have made two tries to penetrate the current support. Ether will experience a downward drop to a low of $915 if the current support is broken. The movement will stay range-bound within the predetermined range, though, assuming current support and resistance are maintained.

Ethereum May Decline Sharply if It Loses $1,200 in Support
ETH/USD – Daily Chart

ETH Technical Indicators Reading
On the Relative Strength Index, Ethereum has remained steady at level 41 for period 14. It remains in a bearish trend zone and is vulnerable to a decline. As long as the price bars remain below the moving average lines, sellers will have the upper hand over buyers. The fall is indicated by the 21-day and 50-day SMA lines slipping southward.

Conclusion
Ethereum is still trading in a constrained range as it loses $1,200 in support. The $1,300 high is anticipated to present resistance to the current bullish movement. Since the altcoin’s price dropped on November 9, it has been moving in a sideways motion for the past two weeks. There will be greater selling pressure if the price breaches the current support. If the price overcomes either the moving average lines or the $1,300 barrier, the altcoin’s upward trend will resume.

Ethereum May Decline Sharply if It Loses $1,200 in Support
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.