Ethereum Risks Decline but Moves Steadily below the $1.300 High

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Ethereum ETH) Current Statistics
The current price: $1,285.54
Market Capitalization: $157,256,297,928
Trading Volume: $6,312,277,686
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis December 2, 2022
Ethereum (ETH) price bounces but moves steadily below the $1.300 high. After an upward pullback, the bullish momentum was unable to surpass the most recent high. The price of Ether is constrained by the moving average lines. For the past four days, buyers have been unable to get beyond the $1,300 resistance level. Similarly to this, buyers failed to keep the price above 50-day SMA. Since November 30, Ether has been fluctuating below the $1,300 psychological threshold. If the current resistance is broken, Ether will increase to a high of $1,600 on the upside. If Ethereum reverses from the resistance zone, it will move over the breakthrough mark of $1,200.

Ethereum Risks Decline but Moves Steadily below the $1.300 High
ETH/USD – Daily Chart

ETH Technical Indicators Reading
On the Relative Strength Index for period 14, Ethereum has increased to level 53. Due to the most recent upward correction, Ether is now in the uptrend area. Because the price is situated between the moving average lines, it is expected to begin moving in a range-bound manner. A downward trend is indicated by the decreasing slope of the 50-day and 21-day SMA moving average lines.


Conclusion
Ethereum is trapped at the most recent high but moves steadily below the $1.300 high. The cryptocurrency is most likely to stay range-bound for a few more days. Below the resistance level, the price has been moving slowly but steadily.

Ethereum Risks Decline but Moves Steadily below 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.