29.11.2023 07:23 PM
Ethereum: upside could be over

Ethereum is melting down as the price of Bitcoin dropped again in the last hours. It's trading at 2,023 at the time of writing and it seems determined to approach and reach new lows. The price action signaled exhausted buyers, so the sellers could take the lead.

It has dropped by 2.68% from yesterday's high of 2,075 to 2,019 today's low. ETH/USD is down by 1.77% in the last 24 hours and by 0.53% in the last 7 days.

ETH/USD Trading In The Red!

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Technically, the rate escaped from a major up channel signaling a downside reversal. Still, the rate came back to test and retest the broken uptrend line and now it has turned to the downside again.

The false breakouts through the uptrend line and above 2,116 announced exhausted buyers. Personally, I've drawn a descending pitchfork hoping that I'll catch a downside movement. As long as it stays below the upper median line (uml), the altcoin could drop.

Ethereum Prediction!

Dropping below the former low activates a deeper drop at least towards 1,931 range's support. A larger drop could be activated only after making a valid breakdown below 1,931 and under the median line (ml).

Ralph Shedler,
Analytical expert of InstaForex
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