ETH Price Analysis – November 29
Looking at the price movement on the daily chart, Ethereum price may have a breakout from the channel as the market trades in an uptrend.
Resistance levels: $170, $175, $180
Support levels: $135, $130, $125
The Ethereum price is currently trading above the $150 level and the 9-day moving average. If there is a bullish break above the resistance level at $160, Ethereum’s price could continue to accelerate in the short term. The next stop for the bulls could be $165, followed by $170, $185 and $190 respectively.
Conversely, if there is no increase above $160, the price could fall below the support level of $310. If there is a downside break, there could be sharp losses below the $150 and $140 levels. In the mentioned case, the price may even slide below the $135, $130 and $125 support levels. The stochastic RSI is currently moving above the 40-level, with a few positive signs.
Since November 19, ETH/BTC has continued to follow a bearish trend and now, the price may likely test the support level of 0.0196 BTC in the nearest days. Last few weeks, the coin suffered from a strong selling power before the bulls stepped back into the market on November 25 and 26 after which the sellers continue to release huge pressure on the market till now.
Currently, Ethereum is trading below the moving averages at 0.0199 BTC which is not too far from the critical resistance level. Should the buyer put more effort, the price could hit the resistance levels of 0.0210 BTC and 0.0215 BTC respectively. In other words, the bearish scenario might rally and the price could slip to 0.0192 BTC and 0.0187 BTC support levels. The stochastic RSI is extremely at the oversold, confirming the bearish momentum in the market.
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