logo

Ethereum price analysis: ETH retests $1,275, swift decline incoming?

Ethereum Price Prediction 2022.11.15.

TL;DR Breakdown

  • Ethereum price analysis is bearish today.
  • ETH/USD failed to move lower overnight.
  • Another retest of $1,275 currently made.

Ethereum price analysis is bearish today as we have seen failure to break lower and another retest of the previous high over the past hours. Likely ETH/USD is ready to continue even lower and look to spike past the $1,200 support.

Ethereum price analysis: ETH retests $1,275, swift decline incoming? 1
Cryptocurrency heat map. Source: Coin360

The market has traded in the green over the last 24 hours. The leaders, Bitcoin and Ethereum gained 1.57 percent, while the rest of the market followed close by, with Ripple benign one of the best performers with over 14 percent gain.

Ethereum price movement in the last 24 hours: Ethereum forms local double top reversal

ETH/USD traded in a range of $1,214.10 to $1,283.20, indicating substantial volatility over the last 24 hours. Trading volume has declined by 18.12 percent, totaling $12 billion, while the total market cap traded around $154.87 billion, resulting in a dominance of 18.16 percent.

ETH/USD 4-hour chart: ETH prepares to continue lower

On the 4-hour chart, we can see Ethereum price action looking to decline even further as the $1,275 resistance offered clear resistance once more.

Ethereum price analysis: ETH retests $1,275, swift decline incoming?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has seen both lower highs and higher lows set over the past week after a strong swing low was set at $1,100. Consolidation range became increasingly narrow over the past days, indicating that volatility should soon pick up.

Currently, we see resistance at $1,275 and support at $1,200. Likely the direction for the rest of the month will be determined based on which way the breakout will be seen.

Considering that Ethereum price has already rejected the upper resistance at $1,275, we expect another attempt to break lower over the next days. If the $1,200 support gets broken in a clear way, ETH/USD should drop as low as the $1,100 major support.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen retest of the previous resistance end with another clear rejection lower. Therefore, ETH/USD should attempt to move lower overnight, likely to break below the $1,200 support later in the week.

While waiting for Ethereum to move further, see our Price Predictions on XDC, Cardano, and Curve.

 

[the_ad_placement id=”writers”]

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

Related News

Hot Stories

Bitcoin price analysis: BTC continues hovering around $17,000, could $17,500 be the next stop?
Polkadot price analysis: DOT raises value at $5.32
Kevin O'Leary defends failed entrepreneurs after $11m loss from crypto firm
A Decade of Spotting Fraud, Fighting Scams, and a Fitting Closer - The SBF/FTX Catastrophe
The Long Road To Sustainable Cryptocurrency Mining

Follow Us

Industry News

Best crypto memes of the day - December 8th
Best Twitter threads of the day - December 8th
Celsius ordered to return $50M to crypto investors
Luxembourg expands PayPal operations to cryptocurrencies
Grayscale Investments slammed with a lawsuit as GBTC plunges

Add Your Heading Text Here