Technical Analysis for ETHUSD for 14th November 2022
Ethereum Bear Momentum Strong, ETH Resistance at $1.35k
Past Performance of ETH
There was a welcomed pullback on November 10, offering Ethereum bull relief. However, Ethereum bears remain in control, and the coin is down roughly 25 percent in the past trading week. As it is, every high remains an opportunity to unload ETH with targets at Q3 2022 lows at around $900 in the coming few weeks.
Ethereum Technical Analysis
Ethereum bears are in control, and the coin within a bear breakout formation reading from the formation in the daily chart. Notably, ETHUSDT is within the November 9 bear candlestick range, and trading volumes are lower than those of early last week. Therefore, from a volume analysis, bears have the upper hand, especially if prices are below $1.35k or November 9 highs. Since sellers are dominant, prices are in range mode, and the market is apprehensive, every high below $1.35k may be an opportunity for traders to hitch the ride, targeting $1.1k in the short term. Further losses may force ETH towards June 2022 lows at $900 in a bear continuation formation.
What to Expect from ETH
Sellers are in charge, and Ethereum prices are on weak ground, reading from ETHUSDT alignment in the daily chart. In the sessions ahead, traders should watch how prices react at $1.35k. Any breach could lift ETH towards $1.4k—or better, while deep losses below last week's lows could spook the markets.
Resistance level to watch: $1.35k
Support level to watch: $1.1k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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