• Sun. Jul 21st, 2024

Ethereum Eyes $1,250 to Clear Path to $1,300 – Price Analysis

Nov 27, 2022
  • Bitcoin and Ethereum endured mixed moves on Saturday.
  • ETH network updates still resonated as market participants waited for news about FTX debtors and creditors.
  • Meanwhile, Sunday welcomes bullishness as investor resilience remained steady regardless of lingering uncertainty.

Ethereum climbed by 0.50% yesterday, reversing Friday’s 0.33% slide to close Saturday at $1,205. Meanwhile, the leading alternative token ended the day near $1.2K for the 2nd time within seven sessions.

Yesterday’s early bullishness saw Ethereum climbing to a $ 1,235 peak. That meant overcoming the first massive resistance of $1,214 and the 2nd one near $1,229. Nevertheless, bearish emergence in the afternoon dragged ETH to $1,196 lows before concluding the day at around $1,205. Ethereum avoided its initial crucial support of $1,177.

Bitcoin dropped 0.36% yesterday, extending a 0.52% decline on Friday to end the day near $16,460. Meanwhile, the bellwether crypto avoided sub-$16K for the 4th uninterrupted session. Nevertheless, earlier bullishness saw the leading crypto soaring to $16,697, overpowering the initial hurdle at $16,639 before slumping to $16,389 late lows.

Nevertheless, BTC steered clear of its first reliable support at $16,376 to close yesterday at $16,460. ETH held onto $1,200 as network updates resounded over the weekend. Meanwhile, the ETH Foundation revealed the upcoming post-merge & migration to Proof-of-Stake upgrades.

Though positive, developers were yet to provide timelines. More updates about the Shanghai fork will offer Ethereum price direction.

ETH Price Action

ETH hovered at $1,219 during this writing, following a 1.17% uptick. A bullish start saw Ethereum hitting a $1,223 morning high, climbing from $1,204 lows. The alt should avoid the pivot at $1,212 to clear the road to the $1,228 initial massive resistance.

A $1,239 return would confirm a bullish afternoon. Nevertheless, crypto news should offer support. Extended upsides would see Ether testing the 2nd resistance at $1,251. The 3rd crucial resistance stands at $1,290.

Weakness at the pivot would see Ethereum exploring the initial support at $1,189. Yet, excluding stretched sell-off during the afternoon, Ether should avoid $1,150. Nevertheless, the 2nd massive foothold at $1,174 should limit ETH’s downside.

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