Azeez Mustapha is a specialist in Computer Studies (including DTP), Forex and Crypto trading professional. Being expert technical and currency analyst, as well as experienced fund manager and author of several books, Azeez places strong focus on crypto market studies conducting comprehensive price analyses and sharing forecasts of presumptive market trends.
Ethereum price continues to consolidate within a narrow trading range between the level at $143.33 and $157.73.
The Ethereum project ETH token kept on sliding during the last exchanging session of the earlier week and eradicated another 7.9 percent of its value. It was decreased to $139 shutting the seven days with a 24 percent loss.
The ETH/USD pair was very unstable on Monday, November 25 and was exchanging the $132-$152 zones. The bulls figured out how to abstain from breaking underneath the $130 handle and effectively raised the value to $145, including about 3.5 percent.
Next is on Tuesday, November 26, it rose to $147 on its second continuous day of growth.
Following is the third day of that week, which was the same since the fundamental altcoin kept on rising and came to $152 in the wake of arriving at a limit of $156 during the day.
While on Thursday, November 28, we saw a slight adjustment and a tumble to $150, directly in the center of the $152-$150 barrier zone reached as of Monday.
Also Friday, November 29, ETH moved north and effectively increased 2.6 percent. It exited at $154.5 after arriving at a limit of $158 during the intraday session.
The primary day of the end of the week started with another red light. We saw that Ether fell back to $151 on Saturday, November 30, since neither the bulls nor the bears could lead the pack. The month finished with a loss of about 17 percent.
On Sunday, December 1, the ETH/USD pair exchanged in the region of $146-$152, however, exited at $151. It grew by 7.2 percent on a weekly chart.
Right up ’til today, ETH has dropped beneath $145, which is its most reduced value since March, limiting the fall last Monday.
Bearish Momentum Dominates ETHUSD Dragging It Lower
Supply Levels: $143.33, $131.80, $120.00
Demand Levels: $199.50, $180.71, $157.73
ETH/USD has plunged from the level at $147.35 to $143.17 in the early hours of Wednesday and value is trending beneath the moving average 5 and 13. The horizontal lines are formed in parallel with each other as price stays below each level, indicating a sustained bearish momentum.
Longer-term monthly volatility is currently a little higher than usual for ETH/USD. Its price has continued to consolidate within a narrow trading range between the level at $143.33 and $157.73, where it has now been captured during the last five trading days.
The market again found sellers today around the moving average 5 and 13 for the fifth consecutive day after having found resistance earlier on the level at $157.73 on the 30th of November and on the level at $151.65 two days ago.
The outlook stays bearish, displaying an intact downtrend in the short, medium and long term.