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ETHEREUM PRICE ANALYSIS-$1893: Breaks Crucial Resistance-$2,000 Ahead?

Key Takeaways
  • On the daily chart, ETH has broken out of the Bullish Flag Pattern
  • Following the formation of a Three White Soldiers pattern, the subsequent candle is trading in a bullish green
  • The Ethereum bulls have recently breached a notable descending channel
06-Nov-2023 By: Lokesh Gupta

ETH surges past $1,850, outpacing Bitcoin, eyes $2,000.

The price of Ethereum has surpassed $1,900 for the first time since August, representing a 6.50% rise at the start of the month. This gain occurs as Bitcoin briefly stabilizes at $35,000, allowing altcoins to flourish. The price of Ethereum has followed the market leader's example, breaking over a critical resistance level of $1,900. The issue now is whether Ethereum can sustain its current momentum and reach $2,000 in the foreseeable future.

Technical View:

According to Coingabbar Price Analysis, Ethereum is showing strength, surging past $1,850 against the US dollar. Should the current bullish trend persist and sustain levels above $1,850, it could challenge the $2,000 resistance. ETH is outperforming Bitcoin and has its sights on the $2,000 mark. The ETH bulls recently broke through a significant descending channel, supported by a Three White Soldiers pattern, hinting at a potential breakout above $2,000. The 4-hour chart appears more bullish than the daily, with recent closes above the channel. If this rally persists, Ethereum could achieve a new all-time high before the year's end.


RESISTANCE LEVEL : $1,930-$1,970

SUPPORT LEVEL : $1,870-$1,830

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.