Ethereum (ETH/USD) Market Experiences a Correction
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Ethereum Price Prediction – November 15
The Ethereum versus the US Dollar market operation experiences a correction toward around the level of $4,500. The crypto-economic price, as of writing, trades around $4,585 at a percentage pace of about 0.87 negatives.
ETH/USD Market
Key Levels:
Resistance levels: $5,000, $5,250, $5,500
Support levels: $4,250, $4,000, $3,750
ETH/USD – Daily Chart
The ETH/USD daily chart exhibits that the crypto market experiences a correction, averaging the level of $4,500. The lower bullish channel trend line has breached, slightly downward. The 14-day SMA indicator plays a supportive role in the value line. The 50-day SMA trend line is underneath the 14-day SMA trend line. The Stochastic Oscillators have dipped into the oversold region to touch the lowest range line zero. That signifies that the market has gotten to a vital trading zone that an upward swing can take effect in no time.
Is there a reliable sign that the ETH/USD prices lose more momentums as the market experiences correction presently?
A line of smaller bearish candlesticks emerges in a low-key sequential arrangement order as the crypto market experiences a correction presently. The positioning of the 14-day SMA indicator closely underneath the level of $4,500 signifies that the market may soon be possibly building muscles around it. As a result of that sentiment, long position takers may now have to be on the lookout for a rallying movement. A lower trading chart like 1-hour or a bit-lower can be instrumental in detecting an early occurrence of that presumed scenario.
On the downside, the ETH/USD market bears now appear, pushing the market in completion of a correction as indicated by the Stochastic Oscillators that the market has reached an oversold condition. Therefore, short position takers are warned not to exert further sell orders to escape from the whipsaw-trading situation in the long run. Only consolidation of the cryptocurrency pair market around the $4,500 may, eventually, lead to affirming a downward trend continuation below the value line.
ETH/BTC Price Analysis
In comparison, Ethereum’s trending capability against Bitcoin showcases that the market experiences a correction closely above the trading indicators. The 14-day SMA indicator positions above the 50-day SMA indicator. The Stochastic Oscillators are in the ranges of 40 and 20, seemingly attempting to consolidate around those points. It’s not apparent that the base crypto will give out its momentums to the counter crypto in the near time.
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