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ETHEREUM TECHNICAL ANALYSIS-$1986: Potential Upturn in Hesitant Rally?

Key Takeaways
  • On the hourly chart, ETH is currently within a Bearish Pennant pattern
  • ETH price is staying above the 100-hourly Moving Average on the 4-hour chart
  • Examining the daily chart shows the recovery is within the bounds of a rising wedge pattern
15-Nov-2023 By: Lokesh Gupta

ETH corrected below $2,000; needs $1,920 support for a rebound.

Ethereum recently faced a notable decrease, witnessing a 6.80% drop in a span of five days, bringing its value down to $1,990. This downturn happened concurrently with Bitcoin's retreat to $36,000, leading to uncertainties about Ethereum's future direction. The profit-taking by significant Ethereum holders suggests a possible correction, while the introduction of a BlackRock spot Ether ETF could strengthen Ethereum's standing in the market.

Technical View:

According to Coingabbar Technical Analysis, In the last month, Ethereum has rebounded by 38.44%, ranging from $1,543 to $2,136. Despite this recovery, a closer look at the daily chart reveals a rising wedge pattern influencing ETH for the past 16 months. The price recently pulled back to $2,200 near the upper trendline, possibly to gather bullish momentum. To sustain upward movement, it needs to stay above $1,830 support for a potential 9% surge to $2,240. However, past patterns indicate a retest of the resistance trendline may lead to increased supply pressure, potentially triggering a significant correction to around $1,700.


RESISTANCE LEVEL : $2,030-$2,070

SUPPORT LEVEL : $1,940-$1,880

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.