After a strong bull run from Nov 2022 to April 2023, Ethereum has shaped a bullish flag pattern on the daily chart. This pattern, seen as consolidation before a potential uptrend continuation, coincides with the current market recovery sentiment. On November 5th, Ether broke above the upper trendline, indicating a potential upcoming significant upward move.
According to Coingabbar Technical Analysis, Ethereum formed a support base and rose above the $1,850 resistance zone. ETH broke $1,880, surging to $1,920. Currently consolidating around $1,915, there was a slight correction below $1,900. It dipped below the 50% Fib retracement level from $1,858 to $1,915. Bulls defend the critical $1,860 level, previously resistance. A rebound might propel ETH, potentially leading to consolidation in the $1,980-$2,050 range. Conversely, if $1,860 isn't defended, ETH could see a sharp decline, hovering around $1,800. Further selling could stabilize the price near $1,750.
KEY LEVELS :
RESISTANCE LEVEL : $1,920-$1,960
SUPPORT LEVEL : $1,840-$1,800
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.
