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ETH Price Prediction – November 12
Ethereum price is trading in a broad range against the US Dollar, while Bitcoin is struggling.
Resistance levels: $195, $200, $205
Support levels: $175, $170, $165
Looking at the daily chart, it was discovered that the Ethereum price failed to continue above $190 and declined below $188 and the price is currently correcting higher, but it is likely to face the resistance near $187 and $188. There is a connecting bearish trend line forming with resistance near $187 on the daily chart of ETH/USD while Bitcoin is trading with a bearish angle below the $8,780 and $9,000 resistance level.
Moreover, the Ethereum (ETH) is at an astounding level. The coin took a leap during the first half of the day and started dealing at $186.11. A few months ago, the coin began an upward movement since September 7 where it moved from $169.25 and continued until September 19 that it gave a surprising upsurge in the market.
At the moment, ETH/USD price continues to move in sideways within the channel and trading at $186.11. In the scenario where it maintains the upward movement above the 9-day and 21-day moving averages, the buyers may likely find resistance at $195, $200 and $205. Conversely, if the bears push the price below the channel, the sellers may have potential support at $175, $170 and $165 levels.
The RSI (14) continues to move in the same direction as the price stuck in a range, which shows that the market is indecisive for now.
Against Bitcoin, the market price remained in the ascending movement since November 3, currently trading at the level of 2121 SAT and expecting a break out above the channel. Looking at the chart, we can see that the bulls continue to take control of the market. If the market continues to rise, the next key supplies may likely be at 2200 SAT and above.
However, on the downside, a possible drop could bring the market below the moving averages of 9 and 21 days which may visit the demand levels of 2000 SAT and 1950 SAT. According to the RSI (14), the market faces an upward trend, which could trigger more bullish signals in the market soon.
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