Technical Analysis for ETHUSD for 2nd November 2022
Ethereum in a Bullish Breakout Formation, ETH Support at $1.5k
Past Performance of ETH
Ethereum Technical Analysis
ETH is bullish in the short term. The immediate support levels are at $1.4k—the resistance line of the BB Squeeze—and $1.5k. On the upper end, the lid is at $1.7k. Besides, there are lower lows from the upper BB, an indicator of tapering upside momentum. However, buyers have the upper end since ETH prices are within a bullish breakout formation and in range inside the bull bars from October 24. Still, this forecast is only valid as long as prices are above $1.4k and $1.5k. Losses below $1.5k may force ETH back to $1.4k in a retest, potentially pouring cold water on the warming ETH prices and bulls. Based on the current formation, ETH buyers can load the dips with targets at $1.8k. Alternatively, they can wait for a close above $1.7k before ramping up, targeting $2k in a buy trend continuation formation.
What to Expect from ETH
Ethereum traders are confident. However, the upside momentum may fizzle, and buyers could begin liquidating if there is a drop below $1.5k. On the flip side, ETH may surge if buyers break above last week's high, as mentioned earlier.
Resistance level to watch: $1.7k
Support level to watch: $1.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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