Bears closed the sale in the world’s second cryptocurrency Ethereum. Around the conceptual round level, buyers gave up aggressive buying in the market before losing this key support level. Due to the rally, the $1000 conceptual round once again acted as an important demand zone.
Despite several price recoveries, uncertainty still prevails in the crypto market. Meanwhile, bitcoin moved back above the $16K level, as a result of which Ethereum price remained above the $1100 area. This round level looks set to provide a price pump in ETH. At higher levels, the cryptocurrency reached a resistance trend line amid a price recovery.
Meanwhile, Ethereum stays higher in green zone by 4% this week while the price is trading at $1187 mark. Although, in intraday trading sessions, bulls face selling near a downsloping trendline, in fact, it’s down by 0.95%. Similarly, Ethereum price along with Bitcoin pair is low by 0.3% at 0.07198 Satoshis.
Ethereum price is reaching towards the next resistance of $1200, which may create the selling possibility ahead. Besides, the ideological round level of $1000 is a perfect example to support. Trading constantly decreased down and overnight it came up with a 23% drop at $8.3 Billion.
On the daily price scale, the Stoch RSI is about to move into an overbought zone during a price recovery. But on the other hand, the simple RSI appears to be sideways, staying at the 42 mark. At this point, the bears may take a step forward and attempt to dominate the crypto on the downside. Notably, the MACD could generate a bullish crossover ahead of this weekend as the histogram forms a higher-low.
conclusion
In the midst of a price recovery, Ethereum buyers need to maintain a conceptual round level of $1000 and at the same time they need to push the crypto above the $1200 level. Specifically, ETH price is hovering just below the descending trend line. Hence any fall in the prices impels the bears for major selling.
Support level – $1100 and $1000
Resistance level – $1300 and $1600
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/11/25/ethereum-price-prediction-1000-vital-support-why-are-eth-bulls-getting-bullish-price-rejections/