Ethereum Price Analysis & Prediction (Nov 28th) – ETH Rejects $1200 After a Retest, Potential Sell Underway

2022-11-29 05:45

Following market sentiment, Ethereum continued to trade convincingly below the crucial $1200 level since the price declined heavily over the past several weeks. It has tried to recover above this level, but the pressure was not enough to increase the price.

Over the past few days, Ethereum saw an increase of about 7% after establishing weekly support at $1074. The price touched the crucial $1217 level yesterday but has dropped a bit today. The price could drop from here if this crucial level continues to suppress buying pressure.

The last five-day volatility appears moderate on the daily chart, indicating that the buyers are showing interest in the market. The correction might last for a while. However, the bulls still need to show a strong commitment to keeping the market in their favor.

Considering the recent drops in Bitcoin’s price, which also affects ETH price, we can expect it to shed more loss if the global market continues to decrease. The setup technically looks like a retest, so the price could roll back to the weekly support or even to a lower level.

If we look at the daily candle from where the price recovered to ($1350) on November 10, we would agree that it has witnessed a series of rejections with choppy price action.

As long as Ethereum continues to trade below this crucial resistance, there’s a high chance for bearish continuation. Despite the past days of increase, Ethereum is still in a bearish condition as more sell actions could be underway.

Ethereum Price Analysis (ETH/USDT) – Daily Chart Source: Tradingview

The ETH bears are defending the crucial resistance level of $1200 well. Above it, they’ve also held resistance at the $1403 level, which lies around the channel’s resistance. There’s also resistance at $1509 and $1678 in case of a breakout.

However, if the cryptocurrency continues to lose momentum, here are the key support levels to watch on its way down. The closest support here is $1077. There’s also support at $1000 if the price keeps dropping. The following support is $927.

Key Resistance Levels: $1,403, $1,509, $1,678.

Key Support Levels: $1,077, $1,000, $927

Spot Price: $1,200 Trend: Bearish Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: promesaartstudio/123RF // Image Effects by Colorcinch

The post Ethereum Price Analysis & Prediction (Nov 28th) – ETH Rejects $1200 After a Retest, Potential Sell Underway appeared first on NullTX.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price 1200 ethereum level past several weeks

price 1200 → Результатов: 55


Three Cryptocurrencies That Can Take The Baton Stick From Bitcoin

Since 2009, Bitcoin has led the race made up of over 1200 cryptocurrencies with excellent adoption rate and unusual price movement. It has been argued that Bitcoin enjoys these benefits ahead of the rest of the digital assets because it was the first to operate, hence people believe in it even though it probably has […] The post Three Cryptocurrencies That Can Take The Baton Stick From Bitcoin appeared first on ZyCrypto.

2019-3-12 23:53


BTC price analysis: If this mini bull run is a dead cat bounce, we might see $1200 bitcoin

If we go back in time to January 2018, when the price of the Bitcion had just reached its highest point, some people will remember the Tweet sent by Peter Brandt. This particular veteran financial expert was quickly blacklisted by Bitcoin’s cheerleaders and optimists, as he was then claiming that the BTC price would fall […] The post BTC price analysis: If this mini bull run is a dead cat bounce, we might see $1200 bitcoin appeared first on CaptainAltcoin.

2018-12-21 04:04