Ethereum price analysis: ETH retests $1,180 level, Slowly continues lower | Cryptopolitan

Ethereum price analysis shows ETH/USD pair pivoted below $1,200 in the recent hours, as there were a couple of bearish candles that pushed prices lower. ETH/USD is currently trading at the $1,180 level and could witness further declines in the near term. This recovery phase has been capped by a stark resistance at $1,200, another crucial support level for ETH/USD on its way up lies around the $1,150 level.
Ethereum maintains the second-largest market capitalization over Bitcoin, with a total market cap of $143.5 billion and currently trading at $1,188.11. ETH/USD pair is changing hands at the $1,180 level in the recent hours, off its 0.98% gain on a daily basis as market participants await further market directions.
ETH/USD daily chart: Bears are better positioned
From the technical point of view, Ethereum price is finding support from the 50 SMA daily that is now closest to the 100 SMA on this time frame, pointing to a trend reversal if ETH/USD pair ends up breaking below $1,150 and $1,130. The relative strength index is pointing higher, which could be a signal that bulls are gaining control of the market momentum.
The MACD indicator has flipped negative on the daily chart as well, showing traders’ bearish bias associated with this crypto in the short term. The Fibonacci retracement tool is also showing that the 61.8% level coincides with a falling trend line which could be a good reversal point for the declines.

ETH/USD 1-day price chart, Source: Tradingview

ETH/USD could also find resistance around the $1,200 level which is another crucial pivot point for this pair. On the other hand, a breakout above $1,250 might be seen if buyers continue to push prices up from the current levels and sustain the bullish price rally. A potential upside target associated with such gains includes the $1,280 and the $1,300 levels.
ETH/USD 4-hour chart: Bears gain an upper hand
Ethereum price analysis on a 4-hour chart indicates the bears are mounting pressure on the ETH/USD pair with a breakout below $1,150 and $1,130 likely to happen. A critical support level for bears is found at the $1,125 pivot point which coincides with the 200 SMA on this time frame. The decline in Ethereum prices is also supported by a clear bearish divergence on RSI readings, pointing to a weaker bullish momentum in the near term.

ETH/USD 4-hour price chart, Source: Tradingview

This crypto is technically on the downside, with no clear reversal point in sight for ETH/USD pair. To gain traction above $1,200 and sustain gains at this level, buyers may still need to push prices higher from the latest price lows. Still, Ethereum is trying to remain stable above $1,200 which is another key level to watch going forward.
Ethereum price analysis conclusion
Ethereum price outlook remains neutral on the daily chart but negative on the 4-hour time frame. Buyers are likely waiting for ETH/USD pair to gain strength by a breakout above $1,200 and the critical resistance at $1,250 before attempting to take the pair higher. On the downside, a break below $1,125 could see ETH/USD pair revisit key support levels at $1,110 and $1,080 in the near term.
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.

This article has been originally published at: https://www.cryptopolitan.com/ethereum-price-analysis-2022-11-24-2/