ETH Price Prediction: Today’s Ehereum Price, 26th Nov 2022

Ethereum Price Prediction

Since its most recent low, the price of Ethereum has increased 10% as the cryptocurrency market as a whole has recovered. ETH traded at a weekly high of $1,215 from a support level of $1,080. The original smart contracts token is currently hovering at $1,201 and is considering a breakout of 18.71% to $1,406.

A much-anticipated rally was made possible by this comeback, which finished the development of a double-bottom pattern. Before triggering their buy orders, traders searching for long positions must wait for ETH to produce another bullish candle above the neckline barrier at roughly $1,200.

With a purchase signal from the Moving Average Convergence Divergence (MACD) indicator favoring the price, the odds are probably in favor of the bulls. The first take-profit position will likely be the 50-day Simple Moving Average (EMA) (in red) at $1,241.

Stubbornly bullish traders could hold out on taking some profits until the Ethereum price crosses the 200-day EMA (in purple) at $1,393.

Due to a significant resistance zone between $1,199 and $1,232, as shown by IntoTheBlock’s IOMAP on-chain model, the optimistic outlook for Ethereum should be taken with a grain of salt.

8.30 million ETH in that range were previously purchased by roughly 1.43 million addresses. As ETH recovers, some investors might sell their holdings at their individual breakeven marks, increasing overhead pressure and halting upward momentum.

On the other hand, Ethereum is supported by some very thin locations. Therefore, if the price declines and maintains $1,100, selling activity may increase. Short bets initiated just below the neckline support level of $1,184 will become beneficial as they approach the main support level of $1,080.

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