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Technical Analysis for ETHUSD for 2nd November 2022

Ethereum in a Bullish Breakout Formation, ETH Support at $1.5k

Past Performance of ETH

Ethereum prices might be up 27 percent from Q3 2022 lows. However, from the ETHUSDT daily chart, prices are cooling off, and buyers need to overcome immediate resistance levels for trend continuation. Of note, there is a liquidation line at around $1.7k that bulls must conclusively break above with expanding trading volumes for last week's buyers to flow back and thrust ETH prices toward $1.8k.

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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