Ethereum Recoups above $1,200 Support as It Revisits Previous Highs

Ethereum ETH) Current Statistics
The current price: $1,259.24
Market Capitalization: $156,446,749,976
Trading Volume: $14,043,347,342
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis November 14, 2022
Ethereum (ETH) price is on a slump as it recoups above $1,200 support. Bulls are currently buying the dips, while buyers are defending the decline. The initial upward movement halted at the $1,350 high. The altcoin reversed above the trading range’s $1,200 support. At the moment, the price of ether fluctuates between $1,070 and $1,350. If buyers sustain the price above the 50-day line SMA, Ether will restart its upward trend. The price of Ether will increase and retest its prior highs of $1,400 and $1,500. The bears are unlikely to drop prices below $1,100, which is the bottom price level. Ether is moderately trading at $1,256.20 at the time of writing.

ETH Technical Indicators Reading
Ethereum is at level 40 on the Relative Strength Index for period 14 as a result of the most recent breakdown. The Ether price bars are below the lines of the moving average, signaling a potential fall. Once buyers keep the price above the moving average lines, the value of the cryptocurrency will increase. Currently, the daily Stochastic for Ether is above level 25, indicating a strong momentum.

Conclusion
Ethereum is experiencing a positive trend as it recoups above $1,200 support. A candle body tested the 78.6% Fibonacci retracement line on November 9. According to the correction, ETH will drop to the Fibonacci extension level 1.272, or $922.32.

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