Ethereum Trades Marginally as It Struggles Below $1,200

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Ethereum ETH) Current Statistics
The current price: $1,196.02
Market Capitalization: $146,356,948,737
Trading Volume: $146,356,948,737
Major supply zones: $2,500, $3,000, $3,500
Major demand zones: $2,500, $1,500, $1,000

Ethereum (ETH) Price Analysis November 25, 2022
Ethereum (ETH) price is in a decline but struggles below $1,200. Ether has been fluctuating within a small range between $1,071 and $1,350. The upward corrective was rejected after rising to a high of $1,216. The altcoin’s price is currently approaching the current support at $1,000. When the current support is broken, the price indication foresees a likely decline. Sellers have thus made two attempts to break through the existing support. They failed in their three tries to retest the current support. If the current support is violated, Ether will fall to a low of $915 on the downside. But if the existing support is maintained, the move will remain range-bound within the set range.

Ethereum Trades Marginally as It Struggles Below $1,200
ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 41 on the Relative Strength Index for period 14. It may move lower because it is now in a bearish trend zone. Because the price bars are still below the moving average lines, a further decline is anticipated. Indicating a drop, the 21-day and 50-day SMA lines are sliding southward.

Conclusion
Ethereum is currently and moderately fluctuating inside a limited range as it struggles below $1,200. Following the price decline on November 9, the altcoin has been moving sideways for the previous two weeks. If the price breaks through the existing support, there will be more selling pressure. The altcoin will restart its upward trend if the price surpasses either the moving average lines or the resistance at $1,350.

Ethereum Trades Marginally as It Struggles Below $1,200
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.