$3000 or $1500, Where Ethereum Price is Heading this November?

$3000 or $1500, Where Ethereum Price is Heading this November?

The Ethereum price wavering at a critical juncture indicates the direction trend is imminent in this asset.

Published 7 seconds ago

Over the past two weeks, the Ethereum Price has exhibited a remarkable recovery on its daily chart, surging 17.8% from its local support at $15.25 to currently trade at $1798. However, this rally appears to be hitting a resistance wall around the $1,850 level, mirroring the supply pressure faced by the leading cryptocurrency Bitcoin. This heightened supply pressure evidenced by the long-wick rejection candles casts doubt on the durability of the ongoing recovery.

Also Read: Solana Vs Ethereum: A Deep-Dive Analysis of Two Popular Coins

Dual Resistance Threatens for New Correction

  • The flag pattern governs the current correction trend in the Ethereum coin.
  • A bullish breakout from the overhead trendline could set a rally beyond $2000
  • The intraday trading volume in Ether is $6.7 Billion, indicating a 5.9% loss.

Ethereum PriceSource- Tradingview

The Ethereum price recovery faces a formidable hurdle at the $1,850 level, coinciding with the upper trendline of a bullish flag pattern. Amid the prevailing uncertainty emanating from the Bitcoin price consolidation, the ETH price too has been trading sideways for over a week. 

Although sellers have attempted to exploit this market flux, the buyers have been steadfast in maintaining a floor at $1,750. Consequently, the coin price oscillates between this support level and the overhead trendline. 

A decisive breakout or breakdown from this range will offer a clearer outlook for near-term price action. Should the market supply pressure intensify, a drop below the $1,750 level could instigate a significant correction, maintaining the asset within its current flag pattern. 

In such a scenario, the Ethereum coin could potentially slide toward its lower trendline, currently situated below the $1,500 mark.

Is Ethereum Price Heading to $3000?

While the current market sentiments remain uncertain, the ETH price is strictly following the flag pattern formation, evidenced by the multiple rebounds within its trendline. In theory, this pattern is a bullish continuation pattern, and therefore it should bolster buyers to break above the overhead trend line. A potential breakout with a daily candle closing would accelerate the buying momentum and could surge the altcoin to a potential target of $2,292 followed by a $3,000 mark

  • Vortex Indicator: The considerable gap between the VI+ and VI- slopes in a bullish crossover state confirms the recovery trend remains robust.
  • Exponential Moving Average: An impending bullish crossover between the 20-day and 200-day EMA slopes could further intensify buying interest in this asset.

Share this article on:

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!