Ethereum (ETH) Price Analysis – November 16

Azeez Mustapha

Ethereum, ETHUSD, CryptoCompare chartEthereum Chart By Trading View

ETHUSD Medium-term Trend: Bearish

Resistance Levels: $230, $235, $240

Support Levels: $180, $160, $140

The ETHUSD pair is on a downward trend. The price of Ethereum broke the 12-day EMA and the 26-day EMA and fell to the previous low of September 12. On September 12, the cryptocurrency broke the 12-day EMA and fell to the low of $183.17 in a bearish trend. That bearish trend was interrupted by a Hammer candlestick. The bullish trend of September 13 reached the high of $247.80.

Today, the price of Ethereum may respect that historical price level. In another words, $180 price level may likely hold. If this level holds, traders should initiate long trades in anticipation of a bullish trend.

ETHUSD Short-term Trend: Bearish      

Ethereum, ETHUSD, CryptoCompare chartEthereum Chart By Trading View

On the short-term trend, the price of Ethereum is in a bearish trend. The cryptocurrency fell to the low of $180 and commenced a range bound movement. The Stochastic indicator is above and below the range of  20 for a possible trend change. Meanwhile, the crypto's price is below the 12-day EMA and 26-day EMA which indicates that price is in the bearish trend zone.

   

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