Ethereum Technical Analysis – November-16-2023


Ethereum is currently challenging the lower boundary of its bullish flag, evident from a lengthy bearish candlestick. This resistance level is further reinforced by the Ichimoku cloud and the 23.6% Fibonacci retracement level. The ETHUSD trend maintains a bullish outlook as long as the pair stays above the cloud in its pairing with the U.S. dollar.

Ethereum Technical Analysis - November-16-2023

Ethereum Technical Analysis – 4H chart

However, if Ethereum settles below the cloud, the correction that began on November 10th could deepen. In this scenario, Ethereum price might reach the 38.2% Fibonacci retracement level, potentially even extending to the 50% mark.

  • 16 November 2023
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