Market Analytics and Technical Considerations
- The $1,150 area is posing considerable barrier to the price of ethereum.
- The mid-$1,050 price levels provide as important support for the price of ETH.
- The $1,085 swing lows must continue to act as support for any uptrend to materialize.
A prospective dual possibility is visible in the Ethereum price as a number of denials have happened close to the $1,200 area. All investors will face difficulty catching the next trade as the market’s volatility may rise. To determine ETH’s likely next move, key levels have been established.
The price of Ethereum will shortly change.
After a 10% decrease over the weekend, the market value of ethereum has increased by 7%. The bulls’ most recent attempt to overcome the 8-day exponential moving average has failed as of the time of writing (EMA). Since the middle of November, the indicator has served as resistance, creating multiple rejects close to the $1,250 region.
At the moment, the price of Ethereum is $1,154. Transactions on the Volume Profile Indicator are still scanty, indicating that retail traders are active in the market. The sturdy support area near $1,085 will probably once more be tested if the 8-day EMA behaves as resistance. Failure to hold support would trigger a liquidation event with swing low points at $1,000 and perhaps $939 as targets.
TradingView Chart
However, there is a good likelihood that the shattered support level at $1,276 will be tested again. A breach of the barrier might set off a fierce buying frenzy aimed towards the $1,370 level of the untested 21-day simple moving average. A trickle-down impact of purchasing activity on shorter time frames may be encouraged by the Relative Strength Index’s return to constructive territory on the 8-hour time frame. The swing lows at $1,085 must continue to provide support in order for all upswing prospects to be achieved.
