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24.11.21 ETH analysis – the price creates a reverse pattern. Which resistance does it have to overcome?

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24.11.21 ETH analysis - the price creates a reverse pattern. Which resistance does it have to overcome?
Source: Shutterstock.com/Dennis Diatel

The market correction is currently continuing and many altcoins are performing worse than ETH. ETH namely, it continues in the sideway structure even though the price failed to exceed the last maximum. Thus, a potential is created reverse zone, from which the price has not yet come out, and therefore the continuation of the correction is also in play.

The price Ethereum created potential 123 bottom formation and failed to break the $ 4,400 resistance at point 2. Short-term local highs are falling and lows are rising. It is therefore a pattern in the sideway structure, which will be broken only when a higher maximum or lower minimum is created than the last one.

ETH / USD 4HETH / USD 4H. Source: TradingView

ETH is a short-term sideway

Supports are located closest at the level of $ 4,000 and $ 3,750. The trend reversal occurs when the price exceeds $ 4,400 on the daily close price chart. Subsequently, it would be the only one resistance should represent an interval of approx from $ 4,600 to $ 4,700. However, if bear sentiment in the market continues for a short time, it is also possible that the price will not keep the last minimum.

The volumes are on the side of the bulls and within 123 bottom formation recorded growth at lows rather than highs. Sales were thus not accompanied by nearly the same volumes as in the case of growth. After a positive divergence in oversold, RSI converges with the price chart.

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