Ethereum

Reserve

United

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
The second largest cryptocurrency by market capitalization, <a href="https://u.today/ethereum-eth-breakout-on-horizon-as-price-hits-key-level-details" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>, might risk a 16% drop from its current price if a critical price level is lost.
<a href="https://twitter.com/ali_charts/status/1724680341732889011" rel="noopener noreferrer nofollow">Ali</a>, a crypto analyst, spots a sell signal presented by TD Sequential on the Ethereum three-day chart as the second largest cryptocurrency tests a major resistance zone between $2,000 and $2,150 within an ascending triangle pattern.
<blockquote>
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> | TD Sequential is flagging a sell signal on the <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> 3-day chart! This comes as <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> tests a major resistance zone between $2,000 and $2,150, aligning with the x-axis of an ascending triangle pattern.A pullback from this resistance level could lead to a dip toward… <a href="https://t.co/oKGCT6tVrj" rel="noopener noreferrer nofollow">pic.twitter.com/oKGCT6tVrj</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1724680341732889011?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 15, 2023</a>
</blockquote>
A break below this resistance level could lead to a dip toward the triangle's hypotenuse at $1,700 before the uptrend resumes.
Ali identified the $2,150 price point as the crucial level to watch, as a sustained three-day candlestick close above this level might offset the bearish outlook.
At the time of writing, <a href="https://u.today/ethereum-eth-exchange-outflows-skyrocket-will-price-reclaim-2000" rel="noopener noreferrer nofollow">ETH</a> was down 0.75% in the last 24 hours to $2,019. This is as the crypto market held in a mixed price reaction after softer-than-expected inflation stats released on Tuesday.
The Consumer Price Index (CPI) increased by 3.2% in the year to October, according to the Bureau of Labor Statistics' latest release. Economists predicted the index would rise 3.3% year over year, down from 3.7% published last month.
The Federal Reserve of the United States opted to hold interest rates steady this month at a target range of 5.25% to 5.50%, its second pause in a row.
As the overall crypto market remains flat, Santiment, an on-chain analytics start-up, advises keeping an eye on the rising social volume for BTC and ETH, as well as large caps, as more traders seem to be getting interested in markets again.
Meanwhile, <a href="https://u.today/ethereum-eth-exchange-outflows-skyrocket-will-price-reclaim-2000" rel="noopener noreferrer nofollow">Ethereum</a>'s fees have risen back to their highest levels in four months as network usage grew. ETH fees rose to $5.72 per transaction on Sunday, the highest since July 4, Santiment reported.

Ethereum (ETH) Might Drop to $1,700 If It Breaks This Key Level

U_Today

Other articles published on Nov 15, 2023

Recent Revelations by Truth Labs Expose Widespread Fraud in the Ethereum Ecosystem

Crypto Market Recap, October 2023

Germany’s Second Largest Bank, Commerzbank, Obtains Crypto Custody License

24 Crypto Update, 14 Nov: Cryptocurrency Market Loses its Spark!

XRP Coin Price Prediction for 2023: Will It Reach $2.4?

FTX’s Legal Battle Against ByBit: Billion-Dollar Lawsuit Reveals Alleged Asset Withdraws and Toke...

Join our free newsletter for daily crypto updates!