Ethereum

Cardano

Bitcoin

Resistance

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<p><span style="font-weight: 400;">Ethereum Price Prediction: Since the onset of November, Ethereum has experienced heightened volatility with the $1830 level proving to be a formidable resistance, impeding its upward trajectory. This resistance has led to two weeks of indecisive trading, as evidenced by long-wicked candles which reflect the market’s current uncertainty. Investors are pondering whether this consolidation could usher in another bearish downturn.</span></p> 
<p>Also Read: <a href="https://coingape.com/us-seizes-54-mln-crypto-including-ethereum-in-narcotics-scheme/">US Seizes $54 Mln Crypto, Including Ethereum, In Narcotics Scheme</a></p> 
<h2 id="b-is-a-correction-underway-b"><b>Is a Correction Underway?</b></h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The channel pattern leads to the current consolidation in the ETH price</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A bearish breakdown channel pattern would set the price at 16%.</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The intraday trading volume in Ether is $5.3 Billion, indicating a 27% loss.</span></li> 
</ul> 
<p><span style="font-weight: 400;"><img decoding="async" class="alignnone" src="https://s3.tradingview.com/snapshots/o/Od6ctFjC.png" alt="Ethereum price prediction" width="1946" height="1104">Source- Tradingview</span></p> 
<p><span style="font-weight: 400;">The ongoing recovery in the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> journey initiated from the mid-October low of $1522 to a three-month high of $1874, amounting to a 23% increase. Nonetheless, this rally brought it to a resistance level that aligns with the upper trendline long-standing wedge pattern, potentially introducing a new supply zone for the market participants.</span></p> 
<p><span style="font-weight: 400;">Mirroring the <a href="https://coingape.com/price/bitcoin/">Bitcoin price</a> consolidation, the ETH price is encountering substantial selling pressure around the $1830 threshold, as suggested by the long-wicked rejection candles. However, a detailed analysis at shorter timeframes, reveals a rising channel pattern demarcated by two ascending trendlines.&nbsp;</span></p> 
<p><span style="font-weight: 400;">Should this pattern hold, we might see this altcoin oscillate within the $1800 to $1880 band, indicating a moderate bullish continuation.&nbsp;</span></p> 
<blockquote>
 <p><span style="font-weight: 400;">From a bearish viewpoint, a breach below the channel’s lower boundary could precipitate a short-term downturn for Ethereum. The <a href="https://coingape.com/glossary/fibonacci-retracement/">Fibonacci Retracement Tool</a> delineates critical support levels at $1750 (corresponding to the 38.2% Fibonacci level) and $1700 (at the 50% retracement mark).&nbsp;</span></p>
</blockquote> 
<p><span style="font-weight: 400;">A retracement to these zones could potentially be a precursor to a renewed ascension above the $1880 threshold, maintaining the larger bullish narrative.</span></p> 
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<h2 id="strong-can-the-eth-price-fall-back-to-1500-strong"><strong>Can the ETH Price Fall Back to $1500?</strong></h2> 
<p><span style="font-weight: 400;">Ethereum’s daily chart over the last seven months illustrates a methodical pullback within the confines of a descending wedge pattern. The latest uptick was a part of this pattern, testing both of its boundaries. If the pattern endures, a correction towards the $1500 mark might materialize, though traditionally, such a pattern concludes with a bullish reversal, as <a href="https://coingape.com/markets/3k-or-1-5k-where-ethereum-price-is-heading/">Coingape mentioned in our previous article</a>.</span></p> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><b>Exponential Moving Average: </b><span style="font-weight: 400;">The daily <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMAs</a>(20, 50, 100, and 200) waver around the $1780 to $1700 price bracket, fortifying this area as a strong support zone.</span></li> 
 <li style="font-weight: 400;" aria-level="1"><b>Relative Strength Index:</b><span style="font-weight: 400;"> The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/">RSI</a> forming lower highs within the overbought territory signals a possible price retracement.</span></li> 
</ul> 
<p>The post <a rel="nofollow" href="https://coingape.com/markets/ethereum-price-prediction-distribution-phase-hints-16-drop/">Ethereum Price Prediction: Distribution Phase at Key Resistance Hints 16% Drop</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.</p>

Ethereum Price Prediction: Distribution Phase at Key Resistance Hints 16% Drop

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