Why the Ethereum price is likely to challenge all market participants

By November 23, 2022DeFi
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  • Ethereum price is facing significant resistance near the $1,150 region.
  • ETH price holds key support near the mid-$1,050 price levels.
  • All uptrend potential depends on the $1,085 swing lows holding as support.

Ethereum price shows a potential double scenario in play as several rejections have occurred near the $1,200 zone. Catching the next trade will be a challenge for all traders as the market may e increase in volatility. Key levels have been defined to gauge ETH’s next potential move.

Ethereum price will soon make a move

Ethereum price has recovered 7% of lost market value after the weekend’s 10% decline. At the time of writing, the bulls have failed another attempt to hurdle the 8-day exponential moving average (EMA). The indicator has acted as resistance since the middle of November, forging several rejections near the $1,250 zone.

Ethereum price currently auctions at $1,154. The Volume Profile Indicator remains sparse in transactions, suggesting that retail traders are involved in the market. If the 8-day EMA continues to act as resistance, the strong support zone near $1,085 will likely be challenged again. A failure to hold support would lead to a liquidation event targeting swing lows at $1,000 and potentially $939.

tm/eth/11/23/22

Still, a second retest of the broken support level at $1,276 stands a fair chance of occurring. A hurdle of the barrier could trigger a strong buyers’ frenzy targeting the untested 21-day simple moving average at $1,370. The Relative Strength Index has hurdled back into supportive grounds on the 8-hour time frame, which could promote a trickle-down effect of buying interest on smaller time frames. All uptrend scenarios would depend on the swing lows at $1,085 holding as support.

In the following video, our analysts dive deep into the price action of Ethereum, analyzing key market interest levels. -FXStreet Team

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