According to the Ethereum analysis of November 24; Ethereum managed to stay strong despite the uncertainty in the market. According to technical analysis by NewsBTC’s Aayush Jindal, ETH could gain bullish momentum if it surpasses the $4,325 and $4,350 resistance levels.
Unlike Bitcoin, Ethereum managed to stay strong and started a recovery wave above the $4,120 resistance zone. There was a clear break above the $4,200 resistance zone and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $4,205 on the hourly chart of ETH/USD.
The pair even climbed above the $4,300 resistance area and formed a local top near $4,386. It is now correcting gains below the $4,300 level. There was a break below the 23.6% Fib retracement level of the upward move from the $4,026 low to $4,386 high.
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An initial resistance on the upside is near the $4,300 level. The first major resistance is near the $4,350 level. A close above the $4,300 and $4,350 levels could start a fresh increase in the near term. In the stated case, the price could rally to the $4,450 level. Any further gains could push the price higher towards the $4,500 hurdle in the near term.
Will Ethereum Drop?
According to Jindal, if Ethereum fails to start a fresh increase above the $4,350 level, it could start a fresh decline. Initial support on the downside is near the $4,220 level. There is also a connecting uptrend line forming near $4,220 on the same chart. Initial key support is currently formed near the $4,200 level. This is close to the 50% Fib retracement level of the upward move from the $4,026 low to $4,386 high. A downside break below the $4,200 support could push the price down further.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is now close to the 50 level.
- Major Support Level – $4,200
- Main Resistance Level – $4,350
Note: You have come to the end of the November 24 Ethereum price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.