Ethereum Price Prediction – November 22
The Ethereum price has been unable to see any relief following the massive influx of selling pressure that stops the coin from seeing any further gains.
Resistance levels: $4700, $4900, $5100
Support levels: $3800, $3600, $3400
At the time of writing, ETH/USD is trading marginally at its current price of $4204.54 as the coin remains below the 9-day and 21-day moving averages. However, the Ethereum trend is likely to focus on the downtrend as the technical indicator confirms that the market may head to the downside.
Ethereum Price Prediction: Ethereum (ETH) May Resume Downtrend
The Ethereum price has been able to establish the $4100 level as a strong support zone where every drop here has been faced with aggressive buying pressure. Therefore, if it sustains above the 9-day moving average, it could potentially start to navigate back to its resistance above the $4400 level. If the buying pressure evaporates around $4000, it could see Ethereum incur some heavy downwards momentum that sends it to the supports at $3800, $3600, and $3400.
In the meantime, it is important to note that all these losses that the coin has suffered may likely change the structure of the cryptocurrency market. However, traders are to note that ETH/USD in the short term could be positioned to see a significant downside effect. Therefore, buyers should be on the lookout for $4700, $4900, and $5100 as a target to watch if the coin move towards the upper boundary of the channel while the Relative Strength Index (14) is seen moving below 45-level.
Against Bitcoin, traders can see that Ethereum price is clearly consolidating above 9-day and 21-day moving averages. Meanwhile, if the price falls, the sellers are likely to pose an additional threat for buyers to reach the support level of 7100 SAT where the nearest target is located. However, an eventual break below the moving averages may cause Ethereum to collapse.
Meanwhile, the continuation of the downtrend could hit the main support at 7000 SAT before falling to 6900 SAT and below. In other words, the buyers may likely push the market above the upper boundary of the channel to reach the potential resistance at 7700 SAT and above. The technical indicator Relative Strength Index (14) is moving towards 60-level indicating that the buyers are coming up.
Looking to buy or trade Ethereum (ETH) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link