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Ethereum Rebounds Above $1,500, Reaching Oversold Region

Nov 7, 2022 11:42 // price

Currently, the price of Ethereum (ETH) is on an upward trend. The largest altcoin continues to move between the $1,500 support and $1,600. The $1,600 resistance area has been tested twice by buyers but has been unable to sustain the bullish momentum.

Negative momentum for Ether has stalled above the $1,500 support today. After Ether crashed at her $1,600 high, he was initially forced to drop to the $1,400 support. The altcoin is expected to rise and re-reach previous highs at $1,600 and $1,800 if it overcomes initial resistance. Altcoins are currently falling, canceling their upward move. If Ethereum is rejected by the stock market, it will soon drop to lows above $1,400.

ethereum indicator analysis

Ethereum is at the 58th level of the 14-period Relative Strength Index, suggesting the altcoin will rise in value. The Ether price bar is above the moving averages, indicating a possible price increase. Ether is below the daily Stochastic 20% area. This means that the current slump is downward.


ETHUSD(Daily+Chart)+-+Nov+7.png

Technical indicators:


Main Resistance Levels – $2,000 and $2,500


Major Support Levels – $1,500 and $1,000

What’s next for Ethereum?

Ethereum has broken below the moving averages on the 4-hour chart. Either way, we are now reaching the oversold territory of the market. If buyers exit the oversold area of ​​the market, the price of Ethereum could rise again. A bullish candlestick indicates that the price continues to rise.


ETHUSD(+4+hours+chart)+-+Nov+7.png


Disclaimer. This analysis and predictions are the author’s personal opinion and are not endorsements to buy or sell cryptocurrencies and should not be considered endorsements by CoinIdol. Readers should do their research before investing in any fund.

https://coinidol.com/ethereum-recoups-1500/ Ethereum Rebounds Above $1,500, Reaching Oversold Region

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