CandleFocus Ethereum Holds Above $3,100 And Prepares For A Rally
2024-11-15
Author: Content Editor
The price of Ethereum (ETH) reached a high of $3,441 on November 12, but has since retraced to the support level at $3,100. However, it has started to consolidate above this support, indicating a potential upward move. If Ethereum breaks above the resistance level of $3,400, it could reach new highs of $3,800 and $4,100. On the other hand, if it falls below the support level, selling pressure may set in and the price could drop to the 21-day SMA or the $2,800 support. The moving average lines have shifted upwards, indicating a bullish momentum, and the price is currently trapped between the moving average lines on the 4-hour chart. Resistance levels are at $4,000 and $4,500, while support levels are at $3,500 and $3,000.
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