Ethereum Declines as Sellers Threaten to Breach Current Support at $1,070

PUBLISHED: Nov 12 2022 @ 03:05 | Comments (0) | More info about Azeez Mustapha

Key Highlights
ETH/USD crashes to the bottom price level at the $1,000 low
Ether fluctuates between $1,070 and $1,350 price levels

Ethereum (ETH) Current Statistics
The current price: $1,260.63
Market Capitalization: $154,268,093,147
Trading Volume: $154,268,093,147
Key Resistance Zones: $2,500, $3,300, $4,000
Key Support Zones: $2,000, $1,500, $1,000

Ethereum (ETH) Price Analysis November 11, 2022
Ethereum (ETH) price is on a downward trend following the most recent breakdown. The altcoin corrected upward on November 10 but was repulsed, creating a price range. As it corrects higher, the biggest altcoin is probably going to keep falling. The upward correction has been stopped by the $1,350 high. For the past three days, Ether’s price has fluctuated between $1,070 and $1,350. Ether’s rising trend will restart if buyers can go over the $1,350 and $1,400 resistance levels. On the other hand, if the 50-day SMA is crossed. Ether will reach a maximum price of $1,600. The key tenet is that the drop will continue if purchasers are unable to overcome the most recent high. On the downside, if the bears manage to breach the current support, the market would plunge to its low of $833. As of this writing, the altcoin is trading at $1,241.10.

Ethereum Technical Indicators Reading
The Relative Strength Index for period 14 shows the cryptocurrency at level 41. The price of Ether is currently in a bearish trend zone and may continue to fall. Given that it is trading below the daily Stochastic threshold of level 40, Ether is continuing in a bearish trend. Following the most recent rejection at $1,350, the selling pressure has returned.

Conclusion
Ethereum is falling while trading in a constrained range. The largest altcoin is checking the support again. Ether also made a candle body test of the 50% Fibonacci retracement level on the August 29 drop. The correction predicts that ETH will fall to level 2.0 of the Fibonacci extension, which equals $833.37. According to price movement, the altcoin has dropped to a low of $1,241.00 as of this writing.

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