Ethereum (ETH) Battles Heavy Selling Pressure as November Draws to a Close

• Ethereum is currently trading at $2.8K.
• ETH’s trading volume is up by over 33%.

With the extreme fear lingering in the crypto market, the digital assets have fallen between red and green waves. The price movements have lost momentum and likely reached the former support. Ethereum (ETH), the largest altcoin, is attempting to recover from the slump after a slip below $3K. Upon facing rejections, the asset currently hovers at around $2.8K. 

A series of ups and downs was formed, and the highest and lowest price range was noted at was formed at $2,883.24 and $2,763.38, respectively. If the bears continue to rule, the price could see more downside. It may drop to the $2.5K mark. The altcoin has registered a modest gain of over 1.94% in the last 24 hours. 

At the time of writing, Ethereum traded at the $2,879.32 zone, with the market cap reaching $345.6 billion. Moreover, the daily trading volume has increased by over 33.11% to $22.74 billion. As per Coinglass data, the market has experienced a 24-hour liquidation of $49.43 million worth of Ethereum.

Which Direction Will Ethereum Choose Next?

The ETH/USDT pair’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line. Both lines sitting under the zero line show that the bigger trend is still leaning bearish, but there is a hint of early bullish momentum starting to build. Besides, the Chaikin Money Flow (CMF) indicator at -0.02 is slightly negative, with mild selling pressure, not strong enough to showcase a clear bearish trend. Also, the money flow is almost neutral, and the momentum can shift either way.

ETH chart (Source: TradingView)

The Ethereum price has established a significant downtrend, and it might slip to the support at around $2,872. Losing this level could likely trigger the formation of a death cross, and gradually, a deeper slide looms to $2,865. On the upside, if the asset reverses the downward movement, it may challenge the nearest resistance at $2,886. Assuming the emergence of a golden cross, the Ethereum price could climb toward the $2,893 range. 

In addition, the daily Relative Strength Index (RSI) of ETH is found at 52.02 is essentially neutral-to-slightly bullish. The market is not overbought or oversold, showing no extreme conditions. Ethereum’s Bull Bear Power (BBP) value of 48.91 signals strong bullish pressure in the market. The positive value points out that the buyers are stronger than the sellers. In case the momentum builds upward, the uptrend may continue.

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