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ETHEREUM TECHNICAL ANALYSIS-$2,070:The Big Question: $2,000 or $2,200?

Key Takeaways
  • On the daily chart, Ethereum encounters resistance at the upper boundary of the wedge pattern
  • On the 4-hour chart, Ethereum remains within the confines of a rising channel pattern
  • Bearish divergence and a possible double-top pattern at $2,130 hint at rising selling pressure
16-Nov-2023 By: Lokesh Gupta
ETHEREUM TECHNICAL A

Ethereum stays robust, starting a new uptrend above $2,000

  • Ethereum broke the $2,000 barrier last week, reaching $2,136 – a level not seen since April.

  • This surge was fueled by increased optimism sparked by BlackRock's filing of the inaugural Ether spot exchange-traded fund.

  • Buyers have steered Ethereum into a strong upward trajectory, successfully breaching the critical $2,000 resistance level.

  • Despite this positive momentum, Ethereum is encountering a significant hurdle at this pivotal point, potentially leading to a temporary consolidation correction in the coming days.

Technical View:

  • Coingabbar Technical Analysis highlights a robust support level at $1,500 on the daily chart, coupled with the lower boundary of a wedge pattern, fueling a notable upward movement towards the critical $2,000 resistance.

  • Despite considerable buying momentum, the psychological hurdle of $2,000 presents challenges that demand caution.

  • Bearish signals, including a divergence and the potential formation of a double-top pattern around $2,130, suggest the emergence of selling pressure. 

  • A breach below $2,000 could trigger a sell-off, targeting levels at $1,900 and finding local support at $1,800.

  • Conversely, a breakthrough at $2,130 may open the door to further gains, with potential target levels ranging between $2,200 and $2,500.

KEY LEVELS :

RESISTANCE LEVEL : $2,100-$2,140

SUPPORT LEVEL : $2,040-$2,000

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.

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