As the cryptocurrency market continues to switch between green and red after a difficult few weeks, Ethereum (ETH) is making small gains on a daily basis, prompting crypto experts to identify key levels for these modest gains to sustain.
In fact, Ethereum is facing a key resistance between $1,200 and $12,500, which it needs to break to approach the first price target of $1,336 and the second one of $1,547. analysis by crypto trading expert Michaël van de Poppe, published on November 24th.
As he added:
“I prefer to stay above $1,150.”
Bitcoin price action analysis. Source: Michael van de Poppe
It’s also worth mentioning Bitcoin Center Ethereum’s rainbow chart previously broke the “Fire Sale” point, the chart’s lowest band last seen in March 2020, as it remained without catalysts geared to trigger a bull run.
Low price = collection opportunity?
Meanwhile, Ethereum’s current price seems to have caught the attention of shark and whale investors (who hold between 100 and 100,000 ETH). accumulation the fastest pace in two years.
Collection of ethereal sharks and whales. Source: feeling
Additionally, the crypto community remains bullish on the price of Ethereum through the end of the year, estimating it to trade at an average of $1,465 on December 31, 2022, although this is a slightly lower forecast than Finbold had previously reported at 1,509 $.
Ethereum price analysis
At press time, Ethereum was nearing the Van de Poppe resistance zone and trading at $1,195, up 2.33% on the day. However, compared to the previous week, it was still down 0.39%, contributing to a cumulative loss of 11.56% on the monthly chart.
Ethereum price chart for 7 days. Source: Finbold
With a market cap of $146.18 billion, Ethereum is maintaining its position as the second largest decentralized finance (DeFi) token behind Bitcoin (BTC). CoinMarketCap Data received by Finbold on November 24th.
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