Ethereum Is Going For A Retest Of $2,100! Will ETH Price Succeed This Time?


20 Nov 2023 2:28 PM

This week began with a surge in the market, with Bitcoin breaking past $37,000 and Ethereum regaining strength, reaching the $2,000 level. Amidst...

  • Ethereum experienced a surge in price, breaking past $2,000 and leading to significant liquidations of short positions.
  • Whales were silently accumulating Ethereum during recent price dips, resulting in the price pump.
  • The NVT ratio suggests that Ethereum may be nearing an overvalued state and could face a correction near the $2.1K level.
  • The long/short ratio reflects a battle between bulls and bears, with significant liquidations possible if the $2,100 barrier is not broken.
  • Ethereum is currently encountering resistance near $2,050, but indicators suggest that bulls hold an advantage.
  • A breach above $2,160 could lead to a price increase towards $2,400, while a closure below the 20-day EMA may result in sideways movement between $1,850 and $2,000.
  • The 4-hour chart indicates a potential for a reversal from the resistance point, with a consolidation just below $2K.

The article provides a mix of positive and cautious sentiment. It highlights the surge in Ethereum's price and the accumulation by whales, indicating positive market activity. However, it also raises concerns about potential overvaluation and the possibility of significant liquidations if certain price levels are not breached.

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You May Ask

What caused the surge in Ethereum's price?How are whales influencing the market?What is the NVT ratio indicating about Ethereum's valuation?What is the current long/short ratio for Ethereum?What are the potential price levels and movements for Ethereum in the short term?

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