Ethereum Flashes Sell Signal on This Chart; Analyst Pinpoints Resistance That Could Cause ETH Price Drop

2023-11-16 12:00

Ethereum’s native token, ETH, faces a pivotal moment this week, with technical indicators pointing to potential weakness ahead even as the second-largest cryptocurrency tests a major upside barrier.

According to noted crypto trader Ali, the TD Sequential indicator has presented a sell signal on Ethereum’s 3-day chart. This momentum gauge’s bearish reading comes just as ETH pushes against resistance between $2,000 and $2,150.

This area aligns closely with the horizontal x-axis of an ascending triangle pattern that has developed over recent weeks. Ascending triangle patterns are often considered continuation signals, pointing to a potential bullish breakout but also carrying the risk of a downside breakdown.

If Ethereum is rejected at current resistance levels, a pullback toward the lower uptrend line of the triangle pattern becomes likely. This would imply a dip for ETH back toward the $1,700 zone. From there, Ethereum could regroup and prepare for an eventual triangle breakout and continuation of the broader uptrend.

However, a decisive three-day close for ETH above the crucial $2,150 threshold would invalidate the short-term bearish outlook. Such a move could confirm the ascending triangle as a launching pad for further gains.

Read also:

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For now, traders appear to be exercising caution around current prices. Ethereum shows a technical tilt favoring the bears, but its next moves could prove make-or-break for its trend status over the medium term. The week ahead will reveal important clues, with the $2,000–$2,150 zone standing as the critical battleground to watch.

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The post Ethereum Flashes Sell Signal on This Chart; Analyst Pinpoints Resistance That Could Cause ETH Price Drop appeared first on CaptainAltcoin.

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Ethereum (ETH) на Currencies.ru

$ 2899.36 (-0.47%)
Объем 24H $11.328b
Изменеия 24h: -0.46 %, 7d: -3.35 %
Cегодня L: $2865.93 - H: $2918.51
Капитализация $348.262b Rank 2
Доступно / Всего 120.117m ETH

eth ethereum potential weakness pointing indicators ahead

Источник: captainaltcoin.com

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