Ethereum Bounces Below Resistance Of $1,300

Dec 09, 2022 at 11:42 // Price
Coin Idol
Since the market is still in a range, it is unknown which way the pendulum will swing

The Ethereum price (ETH) continues to fluctuate in a range since November 30. The cryptocurrency price bars are within the moving average lines.

Ethereum price long-term analysis: bearish

The largest altcoin will not move while the moving average lines are still in place. Since the market is still in a range, it is unknown which way the pendulum will swing. ETH rallied to the $1,300 resistance area yesterday, but was rejected. The price of Ether is currently fluctuating below the resistance area. In order to resume the positive momentum of the upswing, buyers need to break through the resistance above $1,300. If the buyers are successful, Ether will rise above the 50-day line SMA. If sellers break above the 21-day line SMA, the largest altcoin will fall again. At the time of writing, the price of ETH /USD is $1,282.

Analysis of Ethereum indicators  

On the Relative Strength Index, Ethereum climbed to the 52 level for the 14 period. Ether is in a bullish trend zone and could gain momentum in the upward direction. The price bars on the daily chart are between the moving average lines, indicating that the cryptocurrency is likely to move in a range. The largest altcoin has reached the overbought zone of the market. It exceeds the stochastic value of 80 for the day.

ETHUSD(Daily Chart) - December 9.22.jpg

Technical indicators 

Key resistance levels - $2,000 and $2,500

Key support levels - $1,500 and $1,000

What is the next direction for Ethereum?

Ethereum is fluctuating sideways between the moving average lines. The price movement has remained the same. At the resistance zone of $1,300, the upward movements are limited. The cryptocurrency price has challenged the area of resistance four times. After encountering resistance at the recent high, Ether is now bouncing below the resistance zone.

ETHUSD(4 Hour Chart) - December 9.22.jpg

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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