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.
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.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.