The Turmoil in China and BlockFi’s financial bankruptcy filing are all weighing on crypto markets this week. Ether reached the 20-day EMA ($1,233) on Nov. 26 however the bulls couldn’t propel the rate above it. This indicates that the bears keep guarding the 20-day EMA strongly. Sellers may try to push the price down to the support line which is close to the psychologically critical $1000 level. Buyers are likely to defend this level by all means with their power, but they need to clear the upper hurdle at the 20-day EMA to start a sustained rally. The price of the asset is up by almost 3% while volume has risen by 21.3%.
At the time of writing, ETH was trading at $1,206.
ETH Continues to trade sideways in a narrow range of $1,225 to $1,075 with low volumes. Breakouts on either side of the range with good volumes will further decide the trend for the asset. $1,000 can act as strong support while $1,350 – $1,400 will be the major hurdle for the bulls. A break or close below $1,000 will lead to further downfall. Downsloping Moving Averages and RSI below 50 indicate that the bears still have the upper hand.
|Support 2||Support 1||Asset||Resistance 1||Resistance 2|
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