Technical Analysis for ETHUSD for 29th November 2021
Ethereum Pulling Back, ETHUSDT Bearish Below $4.5k
Past Performance of ETH
The Ethereum price is at near-record highs, hovering above the psychological support at $4k, placing buyers in contention from a top-down preview.
Still, the failure of ETH bulls to recover and unwind losses of the end of last week could heap more pressure on ETH, forcing the coin lower in a bear trend continuation pattern in the immediate term.
What to Expect of ETH
ETHUSDT is bearish in the short term, following the bear breakout pattern below the multi-week support trend line in the daily chart.
Additionally, since prices are trending below the middle BB and bulls have relatively low trading volumes, the probability of ETH dropping below $4k remains high.
On the flip side, there could be hope for optimists should ETH prices bounce above $4.5k, reversing losses of November 26.
For trend continuation, however, further losses below $4k and $3.8k may see ETH possibly slide to $2.8k—September 2021 lows.
Ethereum Technical Analysis
The ETH price is steady but under the shadow of sellers as per the development in the daily chart.
Specifically, the failure of Ethereum buyers to reverse losses of the end of last week places ETH bears at a pole position.
Therefore, as long as ETHUSDT prices are trending below $4.5k, aggressive traders timing the bear breakout may find opportunities to short, targeting $3.8k in the medium term.
Resistance level to watch: $4.5k
Support level to watch: $3.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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