Amid this week’s storm, Ethereum decreases by 23% after touching $1,678 earlier this month. The decline saw the second-best-performing crypto by market cap to a 4-month low. It witnessed a minor correction, but the pressure was not intense enough for a positive move as bears showed more interest.
After the price failed to break out on November 4, Ethereum fell and continued to trade inside a descending channel, which started to form in November 2021. It has lost the $1400 level as the trend now appears bearish on the daily chart. The price is currently preparing for a fresh decrease following a slight rejection.
The crucial $1,200 level is currently supporting the lower time frame. There’s still room for small increases if the price can hold above this support for a while. If not, the crypto could find a new bottom at around the critical $1k level, as shown in the chart.
Even below this important level, Ethereum can drop to as low as $400 per coin if the price keeps bleeding. Inversely, the price would need to increase above this channel significantly before we can start to consider a positive rally.
At press time, the price changed to $1,263 after a 1% loss over the past 24 hours.
Ethereum Price Analysis (ETHUSDT) – Daily Chart
While the selling pressure remains calm for a while, here are some levels to pay attention to in the next price movement.
In case of a drop, there’s immediate support at the $1194 level. The next support level to watch out for is $1,080, which remains the current weekly low. If the price dips beneath it, Ethereum will drop to $1000 support in no time.
The $1400 level is currently holding as resistance. Above this resistance lies the $1509 level, located around the channel’s resistance. An increase to the $1678 resistance level would confirm a channel breakout for Ethereum to turn bullish.
Key Resistance Levels: $1,400, $1,509, $1,678
Key Support Levels: $1,194, $1,080, $1,000
- Spot Price: $1,263
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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