FxNews—Ethereum trades bullishly above the 100-period simple moving average. However, the sellers failed to reverse the trend when the 38.2% Fibonacci retracement level ($3,033) held firm. As of this writing, Ethereum trades at approximately $3,140, testing the 23.6% Fibonacci retracement level as resistance.
Ethereum Technical Analysis – 16-November-2024
As for the technical indicators, the Stochastic Oscillator shows 61 in the description and is rising. Meanwhile, the Awesome Oscillator histogram is green and near the zero line.
These developments in the technical indicators suggest the primary trend is bullish and should resume.
ETH Eyes $3325 as Bullish Momentum Builds
The immediate resistance is at $3,190, the 23.6% Fibonacci. From a technical perspective, the uptrend will likely resume if ETH closes and stabilizes above the immediate resistance. In this scenario, the next bullish target could be $3,325, followed by $3,450.
- Next read: Bitcoin Eyes $95K if It Stays Above $84K
Please note that the bullish strategy should be invalidated if ETH/USD falls below the immediate resistance ($3,033). If this occurs, the downtrend that began on November 12 could extend to the 100-period simple moving average at $2,880.
- Support: 3,033 / 2,880
- Resistance: 3,192 / 3,325 / 3,450
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
