ETH Price Prediction – November 28
Ethereum (ETH) is likely to have a bright future, and it may touch its high before this year ends.
Resistance levels: $170, $175, $180
Support levels: $130, $125, $120
Today, Ethereum is among the biggest single-digit gainers following a breakout. The breakout emanated from an inverted head-and-shoulders pattern that formed after a short-lived recovery from the recent low at $132.04. ETH/USD stepped above $150 and paced towards $160. However, a high formed at $156.31 stalled the momentum.
Currently, the price of Ethereum is trying to break the trend line above the 9-day moving average, gradually gaining to maintain its movement. Ethereum price action has formed a small uptrend as a result of the breakout above the 9-day moving average. This is an indication that there are predominantly buyers around market price and selling momentum has come to a halt. Looking at the daily chart, ETH/USD is initially supported by $130 and it is closely followed by $125.
Once these support levels are cleared, the sell-off is likely to gain traction with the next focus on $120. On the upside, the local resistance is created by psychological $170 and followed by the recent high of $175. This resistance level is likely to limit the recovery for the time being. However, once this is eliminated, the momentum should accelerate with the next focus on $180. The stochastic RSI is now in favor of the bulls, which is a good sign.
Against Bitcoin, Ethereum has clearly encountered difficulties, especially in recent weeks. Ethereum recently broke under solid support at 0.0202 BTC and could continue to subsequently decline to support levels below 0.0195 BTC and 0.019 BTC to reach its potential support around 0.0185 BTC and below. The arguments for the bulls seem very serious right now.
However, if the bulls manage to power the market, they may soon find the price at $0.0210 BTC, $0.0215 BTC, and $0.0220 BTC. Now, we can say the bulls may soon re-enter into the market once the stochastic RSI leaves the oversold zone after the price has fallen towards the support levels.
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