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ETH Looks for a Return to $1,250 to Bring $1,300 into Play

Jimmy Khan

Nov 28, 2022 14:06


On Saturday, Ethereum (ETH) increased by 0.50%. ETH finished the day at $1,205, reversing a loss of 0.33% from the previous day. For the second time in seven sessions, ETH finished the day at $1,200.

ETH increased to a high of $1,235 in the early afternoon following a strong morning. At $1,214 and $1,229, respectively, ETH broke through the First Major Resistance Level (R1) and Second Major Resistance Level (R2). ETH, on the other hand, experienced a negative afternoon and dropped to a late low of $1,196 before ending the day at $1,205. At $1,177, ETH skirted the First Major Support Level (S1).

Bitcoin (BTC) decreased by 0.36% on Saturday. BTC finished the day at $16,460 after losing 0.52% on Friday. Notably, BTC avoided trading below $16,000 for the fourth session in a row.

As the day got off to a bullish start, BTC climbed to an early high of $16,697. Before dropping to a late low of $16,389, BTC breached the First Major Resistance Level (R1) at $16,639 in price. BTC found late support to end the day at $16,460, avoiding the First Major Support Level (S1) at $16,376.

The $1,200 handle was maintained throughout the weekend as Ethereum network updates continued.

The following round of post-Merge and PoS transition upgrades were disclosed by the Ethereum Foundation on Thursday. The Shanghai hard fork, scheduled for H2 2023, will include the Beacon Chain Staked Ether. Users who have pre-Merge staked ETH will be able to access the tokens and rewards after the hard fork.

Although the announcement was encouraging, the developers did not give any deadlines. The ETH price will move as more information about the Shanghai hard fork becomes available.

Returning investors from the Thanksgiving break may support a breakout afternoon session for BTC and the larger market. For the first time since the demise of FTX, the BTC Fear & Greed Index exited the Extreme Fear zone this morning.