Ethereum price analysis shows a slight respite after an extended period on the sidelines. Price recorded a 3 percent increase today, to move up to $1,136 to stay above the psychological level of $1,000. ETH has failed to recover from the decline that initiated on November 5, followed by a massive 32 percent dip over 2 days on November 8 and 9. Since then, price has been in a horizontal trend around the $1,200 mark, with support at the current level of $1,100. Today’s slight respite could pick up pace as buyers come into the market and ETH could rise as high as $1,250 over the next 24 hours.
The larger cryptocurrency market showed a similar uptrend across the board, led by Bitcoin’s move above $16,000 with a 2.5 percent increment. Among Altcoins, Ripple rose 5 percent to $0.37, whereas Cardano jumped 3 percent to move as high as $0.31. Dogecoin gained a significant 6 percent to move up to $0.08, while Polkadot strengthened around the $5.3 mark, and Solana rose 4 percent to move up to $11.98.
Ethereum price analysis: RSI picks up after dropping into oversold zone
On the 24-hour candlestick chart for Ethereum price analysis, price can be seen forming a slight upward momentum after declining more than 40 percent since the start of the month. After sliding as low as $1,080 on November 8, ETH price settled around the $1,200 mark and had been in horizontal trend since then. With FUD surrounding the larger cryptocurrency market, fears around a move below the $1,000 mark are still not alleviated. However, the 3 percent rise today further solidified ETH’s position above the psychologically important $1,000 mark.
It also meant a slight upward movement for the 24-hour relative strength index (RSI), that moved up to 36.35 after dropping severely into the oversold zone earlier in the month. Trading volume dipped 11 percent today, indicating increasing market confidence in the token. Price still remains below the 9 and 21-day moving averages, and the crucial 50-day exponential moving average (EMA) at $1,188. Additionally, the moving average convergence divergence (MACD) curve continues to show a bearish divergence in place.
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