Analysis Markets
November 24, 2022

Ethereum experienced a retracement after testing the $1,074 support mark

Ethereum price has been trending higher recently, retracing up to $1,183 today after testing the key support level at $1,074 yesterday. While this bullish momentum is encouraging, it may be too early to be investing in ETH for short-term gains, given that the cryptocurrency seems to be entering a range after its recent correction. 

Traders should watch for any signs of a breakout to determine the best time to enter or exit their positions. Long-term investors, on the other hand, may want to consider adding to their ETH holdings in anticipation of further price appreciation in the long term. Overall, ETH remains one of the most promising cryptocurrencies for both short and long-term investment strategies. 

Ethereum is a promising cryptocurrency with significant potential for both short and long-term investment strategies. As Ethereum is a leading smart contract platform in the blockchain space, it is well-positioned to capture the growing demand for decentralized applications and other cutting-edge technologies. While ETH’s price may be volatile in the short term, its potential for long-term growth remains very high. As always, investors should do their research and exercise caution when investing in cryptocurrencies.

The price of Ethereum reached a point of $1,074.43 yesterday and retraced today down to $1,031.57 at the time of writing. The bulls had pushed the price from $958 on 30th July to the key resistance zone between $1,004 and $1,031 with no significant consolidation formations before it retraced back down.

The price of ETH/USD is currently trading at $1,163.57, with a loss of 0.13% in the last 24 hours. This suggests that Ethereum is likely to continue its bullish momentum in the short term, and investors should consider adding to their positions now while prices are still relatively low. Longer-term traders, on the other hand, may want to wait for signs of resistance before entering new positions. 

Several factors could be contributing to this recent decline in the price of Ethereum, including increased competition from other cryptocurrency projects, market volatility, and regulatory uncertainty. However, many analysts believe that these short-term price fluctuations are simply part of the normal price movements in the cryptocurrency markets and that Ethereum is still well-positioned for long-term growth over the coming years.

What do technicals suggest about ETH?

Technical indicators suggest that Ethereum is in a bullish trend and likely to continue climbing in the coming days. The MACD indicator is currently showing strong buying momentum, indicating that there may be further upside potential for ETH price in the short term. Additionally, the relative strength index (RSI) remains within its bullish zone, suggesting that there is still some underlying buying pressure for ETH.

Source: Tradingview

Overall, technical analysis suggests that Ethereum is well-positioned for further gains soon, despite the recent retracement. Longer-term traders may want to wait for a breakout above key resistance levels before entering new positions, while short-term investors can continue to benefit from the price movement in the coming days. 

Conclusion

Ethereum is a promising cryptocurrency with significant potential for both short-term and long-term investment strategies. As the leading smart contract platform in the blockchain space, it is well-positioned to capture the growing demand for decentralized applications and other cutting-edge technologies. While its price may be volatile in the short term, Ethereum’s potential for long-term growth remains very high.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Moses is an experienced freelance writer and analyst with a keen interest in how technology is disrupting the financial sector. He has written extensively on the subject of cryptocurrencies from an investment perspective, as well as from a technical standpoint. He has also been involved in trading cryptocurrencies for over two years.

More articles
Moses Kimathi
Moses Kimathi

Moses is an experienced freelance writer and analyst with a keen interest in how technology is disrupting the financial sector. He has written extensively on the subject of cryptocurrencies from an investment perspective, as well as from a technical standpoint. He has also been involved in trading cryptocurrencies for over two years.

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