Market Analysis

ETHEREUM PRICE ANALYSIS & PREDICTION (November 29) – ETH Calms At $2k After A Rejection, Where Is It Heading Next?

Despite recent drops in the global market cap, ETH’s dominance still stands at 18%. The price is up 2% today but looks indecisive on the daily. A double-top pattern spotted on the daily chart may trigger huge drops in the future.

ETH’s bullish trajectory remains intact on the short-term perspective. However, the buying pressure appears weak due to a serious drop in volume over the past few days.

As a result, the rally halted and the price stalled under the $2,137 level, where it topped out during a recent recovery. We can expect a bullish continuation if the price increases well above the mentioned level.

Looking at this week’s price actions, which show signs of little price movement, ETH is likely to stay indecisive for a while until it decides on the next direction.

The price looks trapped at the $2,000 range for a couple of days now. It attempted to break lower yesterday but the price quickly recovered. Losing grip at this level might lead to another retracement towards the $1,905 level, as experienced in the mid-month.

If such a setup comes into play, Ethereum could validate a double-top pattern with a breakdown inside the ascending channel that broke earlier this month before rebounding.

Howbeit, there are no signs of selling in the market right now. While the price remains strong on the weekly, there’s hope for more positive actions from a short-term perspective. 

ETH’s Key Level To Watch

Source: TradingView

For a bullish continuation, Ethereum must first climb back to its recent top with a break towards the $2,200 and $2,300 resistance levels.

Considering a drop, the price must fall below the $2,030 and $2,000 zone before dipping to $1,905 and $1,815. The key level to watch for a possible rebound is $1,746. It may keep falling if that level fails to hold.

Key Resistance Levels: $2,141, $2,200, $2,300,

Key Support Levels: $2,030, $1,905, $1,815

  • Spot Price: $2,062
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.