In the recent trading session, the trading price of Ether (ETH) started experiencing a decline. The price of ETH was hovering at a lower trading price of $1,250 when the decline started to take place.
Price of ETH Fell Below $1,200
At the moment, the $1,250 figure is the resistance level for ETH and it is going through the same trend as Bitcoin. The trading price of BTC started to face a decline and it continued until it came down to $1,200.
It was a pivot level for ETH but the bears were not done and they kept pushing with their strong selling power. This resulted in the trading price of ETH falling below the $1,200 level.
ETH Experienced a Further Dip
Just as the price of ETH fell below the $1,200 mark, it ended up experiencing a stronger selling spree. The trading price of ETH fell even deeper and soon, it was all the way down to a low of $1,150.
Unfortunately for the bulls, they were not able to fight the bears back as they continued with their onslaught. The trading price of ETH kept getting pulled lower and soon, it was down to a monthly low.
According to the price chart, the lowest mark ETH has hit in the entire month of November is $1,078. Even now, the trading price of ETH is not in a good condition as it is still facing losses.
With the price of ETH continuously moving in the bearish direction, the $1,100 level has become its upside resistance.
This is becoming an even more difficult situation for the bulls as the resistance levels are being formed at the lower level.
Even if the bulls are able to cross the $1,100 mark, they will be facing another resistance at $1,150. This is much closer to the first resistance level of $1,100, which indicates that the bears are in control of the trend.
Despite being difficult levels to cross, these are not the major resistance marks for ETH. The major resistance levels are where the highest amount of energy is to be applied to push ETH’s price higher.
According to data, the major resistance level for ETH currently sits at $1,200. The next major resistance level for ETH would be $1,300 which will test the buying sentiments of the investors.
Expected fall in ETH’s Price
For now, there is no major factor that may help push the trading price of ETH. If the bulls are not able to build up a strong buying power, then the trading price of ETH may start losing its strength.
If the bears keep demonstrating strong selling sentiments, then ETH’s price may plummet below $1,000.