Ethereum Could Fall Under Selling Pressure At $1,300

Dec 03, 2022 at 08:30 // Price
Coin Idol
Ethereum price is falling but correcting upwards

Ethereum (ETH) price is falling but correcting upwards. Even though the largest altcoin has risen above the 21-day line SMA, it is still trading at its all-time high of $1,300.

Ethereum price long-term analysis: bearish

Buyers have failed to break above the resistance at $1,300 in the last three days. Bullish momentum also failed to rise above the 50-day line SMA. Ether has been hovering below the $1,300 level since November 30, and the overbought zone of Ether has been reached. It is unlikely that the price will continue to rise. As soon as it deviates from its recent high, Ether will fall. The price of the cryptocurrency will fall to the current range between $1,071 and $1,350.

Analysis of Ethereum indicators 

Ethereum has risen to the value of 53 in the Relative Strength Index for the period 14. Ether is in the uptrend zone after the recent upward correction. The price is expected to move in a rangebound movement as it is between the moving average lines. The 50-day and 21-day moving average lines SMA show a decreasing slope, indicating a downtrend.

ETHUSD(Daily Chart) - December 2.22.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 trading between the moving average lines. It is very likely that the cryptocurrency will remain in a fluctuation range for a few more days. The largest altcoin will most likely fall as resistance is at its high of $1,300. Moreover, the market has entered the overbought zone. Prices will fall as more sellers enter the market.

ETHUSD(Daily Chart 2) - December 2.22.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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