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Ethereum price analysis: Can ETH/USD retest the $1100 support in the next 24 hours?

Ethereum Price Prediction 2022.11.16.

TL;DR Breakdown

  • Ethereum price analysis is very bearish today
  • Ethereum set a 24-hour low of $1184
  • If the bears hold their control then Ethereum can retest support at $1100 in the next 24 hours
  • This is not a good time to invest in Ethereum for short-term profits

Ethereum price analysis shows heavily bearish tendencies today after the price fell by over 5 percent. The market was very volatile today. It started by trading in a range before dipping from $1279 to $1184. Ethereum is currently trading around the $1195 mark, and it can retest $1100 in the next 24 hours if the bears hold firm control of the market.

Crypto heat map 1
Cryptocurrency heat map by Coin360

The crypto heap map shows the market’s condition today. Ethereum, along with a few altcoins, is in darker red, suggesting that the market for these coins has been heavily bearish today. While Ethereum lost around 5 percent of its price, Bitcoin went down by 2.74 percent.

1-day Ethereum price analysis
Ethereum Price Chart by TradingView

The 1-day Ethereum price analysis shows us that ETH/USD has major support set around the $1080 mark. This support has been tested time and time again. So, despite the bearish conditions in the market, it is not likely for Ethereum to break lower than this value. However, it is certainly possible for it to test it in the next 24 hours.

Ethereum 24-hour price movement

Ethereum’s 24-hour high was set at $1279, after which it dipped to its 24-hour low of $1184 within 9 hours. This was followed by a brief reversal, but unfortunately, Ethereum could not retrace enough, and the bears took over again.

Currently, the RSI on the 24-hour time frame is at 29, suggesting that the market is noticeably oversold right now. In the shorter time frame, Ethereum might start to gain some positive momentum allowing it to retrace. However, the market is still very bearish in the bigger picture.

Overall, Ethereum’s market cap has gone down by 5.34 percent while the trading volume has gone up by 34.56 percent. So, its 24-hour volume-to-market cap ratio is set at 0.0554.

4-hour Ethereum price analysis: Can ETH/USD dip lower than $1100 again?

4-hour Ethereum price analysis
Ethereum Price Chart by TradingView

Well, if the bulls do not recover in time, then the market can certainly go to $1100. However, Ethereum has big support set around this mark, and hence, the bears will have to strike with full force to break lower. After all, this support has been tested and confirmed time and time again. But like always, the cryptocurrency market can be uncertain, and even the worst scenarios can become a real possibility.

The RSI on the 4-hour graph gives a very negative picture of the market. Ethereum price analysis is massively oversold right now, with the MACD indicator also showing that the bears have a very strong hold on the market.

Ethereum price analysis: Conclusion

Unfortunately, not much positive can be said about the market in the current scenario. Ethereum can dip lower and either retest its major support around the $1100 mark or find new support resulting in a short reversal. The uncertainty in the market is high at this point. Hence, it would not be a good time to invest for short-term profits. But for long-term investments, you may want to read our detailed Ethereum price prediction.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and crypto. He also trades and invests in NFTs on the side, believing that NFTs will revolutionize many industries.

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