• Sun. Apr 21st, 2024

If This Critical Level Is Broken, the Price of Ethereum (ETH) Might Fall to $1,700

Phillip Bryant

ByPhillip Bryant

Nov 20, 2023

The cryptocurrency Ethereum (ETH), which is the second largest in market capitalization, faces the potential of experiencing a significant decline of approximately 16% from its present value should it fail to maintain a crucial price level. Ali, a crypto analyst, has observed a sell signal, as indicated by TD Sequential, on Ethereum’s three-day chart. This occurrence coincides with the second-largest cryptocurrency examining a significant resistance zone ranging from $2,000 to $2,150 while adhering to the structure of an ascending triangle pattern.

According to the TD Sequential indicator, a sell signal has been identified on the 3-day chart of Ethereum ($ETH). The current situation involves Ethereum (ETH) undergoing a significant examination of a resistance zone spanning from $2,000 to $2,150. This occurrence coincides with the horizontal axis of an ascending triangle pattern. A potential retracement from the resistance above level may result in a downward movement towards… 

— Ali (@ali_charts)

If the resistance level is breached, a downward movement may occur toward the triangle’s hypotenuse, specifically around the $1,700 mark, before the upward trend resumes.

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According to Ali, the $2,150 price point is critical to watch as it could significantly impact the market. If a consistent three-day candlestick close above this level occurs, it could counteract the bearish perspective.

As of the present moment, the value of ETH has experienced a slight decline of 0.75% over the past 24 hours, settling at $2,019. The cryptocurrency market experienced a varied price response following Tuesday’s release of lower-than-anticipated inflation statistics.

According to the most recent release from the Bureau of Labor Statistics, the Consumer Price Index (CPI) increased 3.2 percent between October of the previous year and October of the current year. Economists forecast the index to grow 3.3 percent yearly, slightly lower than the 3.7 percent reported last month.

In a recent decision, the Federal Reserve of the United States has chosen to maintain interest rates at their current level for the second consecutive month. The target range of 5.25% to 5.50% will remain unchanged, reflecting the central bank’s cautious approach to monetary policy.

This decision comes as the Fed carefully assesses the economic landscape and weighs the potential impact of any adjustments to interest rates. The Federal Reserve aims to provide a steady foundation for the country’s financial system, and support continued economic growth by opting for stability.

In the current cryptocurrency market, it is noteworthy that Santiment, a pioneering on-chain analytics company, suggests closely monitoring the increasing social activity surrounding BTC, ETH, and other major cryptocurrencies. This surge in interest indicates a renewed enthusiasm among traders, potentially signifying a shift in market dynamics.

In recent developments, Ethereum has witnessed a significant surge in fees, reaching its peak levels in the past four months due to the escalating usage of the network. According to a recent report by Santiment, the prices for Ethereum (ETH) transactions experienced a significant surge on Sunday, reaching a peak of $5.72 per transaction. This surge in prices marks the highest level observed since July 4th.

Phillip Bryant

Phillip Bryant

Phillip Bryant, an esteemed writer in the financial field, imparts his extensive knowledge of currency markets to the readers of Main Crypto News. With a wealth of experience in international finance and a keen sense of market trends, Bryant offers timely and perceptive analysis of foreign exchange, keeping readers well-informed.

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