Ethereum

Cardano

Rise

<img width="1200" height="681" src="https://coingape.com/wp-content/uploads/2023/11/iTQTj1ei-e1699983171180.png" class="attachment-full size-full wp-post-image" alt="ETH price" decoding="async" style="float:right; margin:0 0 10px 10px;">
<p><span style="font-weight: 400;">Ethereum Price Prediction: The Ethereum (ETH) coin recently <a href="https://coingape.com/markets/ethereum-price-rally-gaining-momentum-as-institutional-investors-flock-to-eth-increasing-aum/">experienced a significant pullback</a>, with prices dropping 5.5% in four days to reach $2,022. This decline coincided with the Bitcoin price retracement to $36,000, raising questions about Ether’s next move: will it continue its recovery or face a new correction?</span></p> 
<p>Also Read: <a href="https://coingape.com/ethereum-network-fees-hit-4-month-with-eth-price-under-pressure-whats-next/">Ethereum Network Fees Hit 4-Month With ETH Price Under Pressure, What’s Next?</a></p> 
<h2 id="b-will-correction-trend-extend-b"><b>Will Correction Trend Extend?</b></h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The long-tail rejection at $2030 reflects ETH price found suitable support at this horizontal level&nbsp;</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The post-breakout rally may surge the price by 9% before hitting the major resistance around $2250.</span></li> 
 <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The intraday trading volume in Ether is $11.6 Billion, indicating 10% loss/</span></li> 
</ul> 
<p><span style="font-weight: 400;"><img decoding="async" src="https://s3.tradingview.com/snapshots/i/iTQTj1ei.png" alt="TradingView Chart">Source- Tradingview</span></p> 
<p><span style="font-weight: 400;">In the past month, the <a href="https://coingape.com/price/ethereum/">Ethereum price</a> has shown a notable recovery of 38.44%, with its price escalating from a low of $1,543 to a high of $2136. However, a closer examination of the daily chart indicates that this recovery is still operating within the confines of a rising wedge pattern.&nbsp;</span></p> 
<p><span style="font-weight: 400;">This pattern has been guiding the ETH price movements for the past 16 months, with the coin price resonating between the converging trendlines that offer dynamic resistance and support.</span></p> 
<blockquote>
 <p><span style="font-weight: 400;">Recently, as this altcoin price approached the upper trendline of this pattern, it experienced a minor pullback to $2200, likely in an effort to gather bullish momentum. If the buyers can maintain their position above the support levels of $1,222 or $1,830, there is a potential for a 9% surge from its current price, aiming for the overhead trendline around $2,240.</span></p>
</blockquote> 
<p><span style="font-weight: 400;">However, as per the past price behavior, a retest to the resistance trendline has led to increasing supply pressure and a major correction. Ideally, this pullback may extend to the $1700 mark.</span></p> 
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<h2 id="b-whale-activity-threatened-for-correction-b"><b>Whale Activity Threatened for Correction&nbsp;</b></h2> 
<p><span style="font-weight: 400;">On November 14th, on-chain data provider Lookonchain on its X platform highlighted <a rel="nofollow" href="https://x.com/lookonchain/status/1724376198665605381?s=20">significant movements by smart money investors</a> in Ethereum. The past week has seen several large transactions, suggesting that whales are actively engaged in the market. Interestingly, a majority of these transactions seem to be profit-taking or movements of the asset back to exchanges, potentially indicating a readiness to sell. This could increase supply pressure on Ethereum, possibly leading to a further decrease in its price</span></p> 
<ul> 
 <li><b>Exponential Moving Average (EMA): </b><span style="font-weight: 400;">The 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> slope could provide an additional slope amid the pullback phase.</span></li> 
 <li><b>Moving Average Convergence/Divergence: </b><span style="font-weight: 400;">A bullish crossover state between the <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/">MACD</a>(blue) and signal(orange) accentuates the overhead market sentiment.</span></li> 
</ul> 
<p>The post <a rel="nofollow" href="https://coingape.com/markets/ethereum-price-prediction-hints-9-rise-ahead/">Ethereum Price Prediction Hints 9% Rise Ahead, But There’s a Catch</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.</p>

Ethereum Price Prediction Hints 9% Rise Ahead, But There’s a Catch

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