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Ethereum Loses $1,200 Support as It Revisits the $1,071 Low

Ethereum

coinidol.com 22 November 2022 12:11, UTC
  
Reading time: ~2 m

Ethereum (ETH) is in a downtrend after sellers broke through support at $1,200 on November 20. Incidentally, the break of the $1,200 support signals the resumption of the selling pressure.

Sellers will try to regain the previous low of $1,071 as the altcoin sinks. On the downside, Ether will rally if it falls and regains the previous low at $1,071. However, if the bears fall below the previous low at $1,071, Ether will fall to the next support at $925. Bulls will buy the decline as buyers are attracted to lower prices.

Ethereum indicator analysis

On the Relative Strength Index for period 14, Ethereum is at level 37. It is in a downtrend as it approaches the oversold area of the market. The price bars have remained below the moving average lines, indicating a further decline. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend.

Technical indicators:

Major Resistance Levels - $2,000 and $2,500

Major Support Levels - $1,500 and $1,000

What is the next direction for Ethereum?

Ethereum has resumed selling pressure as the bears have broken below the $1,200 support. On the downtrend from November 9, Ether has completed an upside correction and a candlestick has tested the 61.8% Fibonacci retracement level. The correction suggests that ETH will fall to the 1,618 Fibonacci Extension level or $925.

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.


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