Ethereum Declines as It Revisits the $1,071 Support

PUBLISHED: 28 Nov 2022 @ 13:11 | Comments (0) | More info about Azeez Mustapha

Key Highlights
ETH/USD is range bound between $1,071 and $1,350
Ethereum reaches bearish exhaustion

Ethereum (ETH) Current Statistics
The current price: $1,178.14
Market Capitalization: $144,746,484,477
Trading Volume: $5,029,426,676
Key Resistance Zones: $2,500, $3,300, $4,000
Key Support Zones: $2,000, $1,500, $1,000

Ethereum (ETH) Price Analysis November 27, 2022
Ethereum (ETH) price is in a decline as it makes a second upward correction. The altcoin was rejected at the $1,350 high of the first upswing, which led to a range-bound move. The altcoin dropped to a low of $1,079 in the first rejection before starting to rise again. Ether is currently being rejected again at the 21-day line SMA. Ether’s price is currently in a range, ranging between $1,070 and $1,350. It has decreased and started consolidating again above the $1,100 support. However, once the current support is broken, the selling pressure will pick back up. The lowest price of Ether will be $720.

Ethereum Technical Indicators Reading
On the Relative Strength Index for period 14, Ethereum is at level 39. Ether is in the fall and could continue to decline. Since the price bars are below the moving average lines, a potential additional decline is indicated. The daily stochastic is trading above level 40 for Ethereum. The bullish momentum is now positive.

Conclusion
Ethereum is currently fluctuating sideways between levels of $1,071 and $1,350. When the range-bound levels are crossed, the cryptocurrency will start to trend. As long as the price levels remained intact, the move would stay range-bound.

ETH/USD – Daily Chart

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