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November 27, 2022
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ETH price analysis: Ethereum defines new ATH, but seeks deeper correction

ETH price analysis: Daily Chart

ETH price analysis

Ethereum produced almost 2500% in earnings on this bull run, outpacing many other major currencies, including BTC. Will the price of ETH continue to rise in the coming months? This is what many analysts believe, while a handful of ETH investors refuse to sell. While looking for a price of $ 3,000 in the near future, ETH needs to break the main resistance level of $ 2,521 and the upward trend line of the 3-month price channel.

After setting a minimum value of around $ 1550 3 weeks ago, Ethereum has risen by about 65%. These are important gains, considering that ETH is the second largest cryptocurrency. The bears took control when the price reached an ATH of $ 2,550. This ATH was also met with the top trend line of the price channel that ETH has been respecting for 3 months.

The key $ 2,150 level was resistance for almost a week. When ETH broke this resistance on April 13, the price never confirmed it as support. This may be an indication that the price needs to re-test that level to confirm it as a new level of support. If buyers do not enter here, expect a drop to the main support level of $ 1970.

Looking at the RSI (blue and orange), it is evident that the recent pump for ATH had less strength than the previous pump for $ 2150. This is considered a bearish divergence, and has already started to play ETH below about 10% of your ATH. The MACD is signaling that a bearish cross could arrive within 3 days. In addition, the histogram (red and green bars) is soon decreasing to turn red. If the MACD crosses the downtrend, we see ETH’s price drop to the downtrend in the price channel.

Prices plummeted across the crypto market during the early hours of today, taking ETH quickly below $ 2,000, with the price recovering shortly thereafter.

Source: Coingape

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