Ethereum has resumed selling pressure after it suspended trading sideways for days. It lost the $1,900 support last weekend due to the bears’ reinforcement. As a result of this, the price has been down by 7.17% over the past 24 hours.
Following the initial drops from the daily channel’s resistance earlier this month, Ethereum appeared to have activated another sell action from $1350 – where the price recovered to on November 10.
The past calm week was followed by a storm as Ethereum lost momentum. The latest drops in price indicate a bearish footprint in the market as they eye the $900 price level in the current rally.
Although it is still trading above the monthly support of $1074. The above price level would come into play as soon as the monthly support breaks. The market condition could worsen in the coming week if the bulls fail to show strong interest.
Even if the ETH bulls react to current price actions and attempt to gain control, they would need to push the price above $1700 before we can consider a decent reversal. As it stands now, the price is still under bearish radar as there is no sign of bulls in the market. Perhaps, a positive sentiment could surface when Ethereum finds its bottom.
Ethereum Price Analysis (ETHUSDT) – Daily Chart
From a technical standpoint, Ethereum is likely to bottom around $573. But before then, there is lots of support along the way.
The holding $1074 support remains a crucial break level for a continuation. The closest price levels beneath this support are $1k and $927, marked white on the daily chart. The support level to watch next is $826.5 if the above supports fail to hold.
Inversely, Ethereum currently held resistance at $1194 and $1271, the recent breakdown price levels marked orange on the chart. If Ethereum bounces back to flip these price levels, the next resistance level to watch is $1403 and potentially $1509, slightly above the channel.
Key Resistance Levels: $1,194, $1,271, $1,403
Key Support Levels: $1,074, $1,000, $925
- Spot Price: $1,130
- Trend: Bearish
- Volatility: High
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: ra2studio/123RF // Image Effects by Colorcinch