Ethereum Technical Analysis Report | 8th-November-2022

The price of Ethereum fell 0.34% to $1,569.08 in the last 24 hours on Tuesday morning.  As of November 6, ETH was trading at a profit. But after 10:50 PM, ETH experienced a bout of selling pressure that caused the price to trade at a loss. The new plans for the Ethereum network were unveiled by Buterin in a Twitter post on November 5th, which featured Scourge in a now-expanded six-part technical roadmap. Next week, crypto traders will focus on Tuesday’s US midterm elections, which could have major implications for regulatory policies or economic decisions. Ether’s volume is up by around 28% while the dominance is at 18.27%.

At the time of writing, ETH was trading at $1,467.

Ethereum Chart | 8th-November-2022
Ethereum (ETH) Chart

ETH was consolidating and trading in a range from $1,200 to $1,400. The asset finally gave a breakout above the range and rallied almost by 19% making a high of $1,678. Post this move, ETH faced stiff resistance at the downsloping trendline and witnessed some profit booking at higher levels and dropped to $1,433. The asset has strong support at $1,425 (50-Day Moving Average) and $1,400. If it holds and sustains above the support then the bulls may resume the up-move. A break below the support will lead to a further downfall and the prices can test the next support at $1,200.

  Support 2Support 1AssetResistance 1Resistance 2

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