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- Ethereum ETH price appears to be under the control of the bulls as it remained above the bullish trend line.
- Despite the recent recovery, the bears refused near the 50 simple moving average on the 4-hour chart.
- ETH price relative to the bitcoin pair is down 1.9% at 0.07357 satoshis.
Ethereum (ETH) price recorded a 30-day low at $1083, with buyers exerting heavy buying pressure once this level. Later, on November 10, ETH price gained almost 200 points in just one trading session. Since that day, the price of the cryptocurrency has been showing inside candles on the daily time frame and down.
ETH on 4 Hour Chart
In the 4 hour price chart, price action is forming the higher-lows, thus buyers maintain the asset value above the bullish trendline (above the chart). But it seems the price may break this support line because of low buying pressure on ETH price. Meanwhile, the digital asset price is trading at $1224 mark at the time of writing along with a 2.8% intraday drop. Despite recent recovery, bears denied near 50 Simple moving averages on a 4 hours chart.
Trading volume is down 9.5% at $11.6 billion in the last 24 hours. Thus, the market cap decreased by 2.86% overnight, reported at $149.7 billion. Moreover, the ETH price belonging to the Bitcoin pair is down 1.9% at 0.07357 satoshis.
In terms of the daily price scale, the RSI indicator recovered above the oversold zone. Now it stays at 39 mark, showing slightly positive signs for bulls. Moreover, the MACD is constantly decreasing lower along with lower-low histograms.
Conclusion
The Ethereum (ETH) price sits at key level. This is a make or break situation for all and any minor drop may drive a sharp bearish trend in ETH. As well as, Since 10 Nov, crypto price is showing inside candles in the daily time frame and below.
Support level – $1000 and $800
Resistance level – $1650 and $1800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
