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Ethereum price analysis: ETH finds support at $1,200, move higher next?

Ethereum Price Prediction 2022.11.17.

Ethereum price analysis is bullish today as we have seen consolidation begins yesterday as soon as the $1,200 support was reached. From there, we expect another attempt to move higher later in the day, likely towards the $1,275.

Ethereum price analysis: ETH finds support at $1,200, move higher next? 1
Cryptocurrency heat map. Source: Coin360

The market has traded with mild volatility over the last 24 hours. The leader, Bitcoin, gained 1.08 percent, while Ethereum by 0.47 percent. Meanwhile, the rest of the market has traded with mixed results.

Ethereum price movement in the last 24 hours: Ethereum fails to break previous low

ETH/USD traded in a range of $1,189.15 to $1,224.97, indicating mild volatility over the last 24 hours. Trading volume has declined by 18 percent, totaling $10.15 billion, while the total market cap traded around $147.9 billion, resulting in a market dominance of 17.8 percent.

ETH/USD 4-hour chart: ETH prepares to continue higher?

On the 4-hour chart, we can see Ethereum price action forming consolidation, likely as another move back to $1,275 resistance will follow.

Ethereum price analysis: ETH finds support at $1,200, move higher next?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action has traded within consolidation over the past weeks as both lower highs and higher lows have been set over the past hours. Local resistance and support levels have since been established around $1,200 and $1,275 resistance.

After another retest of the upper level, ETH/USD started to slowly pivot lower, returning back to the $1,200 mark. Consolidation followed since, likely as another reversal will follow.

In case the Ethereum price manages to break $1,275, we expect a lot more upside to follow over the rest of the month. Alternatively, ETH will break down even further and look to retest previous major support at $1,100.

Ethereum price analysis: Conclusion 

Ethereum price analysis is bearish today as we have seen consolidation sideways over the past hours above the $1,200 support. Therefore, ETH/USD is not yet ready to continue even lower and should look to break above the $1,275 local resistance over the next days.

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

 

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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.

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