Ethereum Tests Crucial Support But Won’t Drop Below $1,850: Here’s Why To Be Bullish On ETH Price


17 Nov 2023 3:23 PM

In recent hours, the market has experienced significant liquidations. Bitcoin's price touched the $38K resistance mark only to trigger sellers to open...

  • The market has experienced significant liquidations, with Bitcoin's price dropping by $1,000 and Ethereum losing momentum above $2,000.
  • Ethereum is showing signs of a comeback, with on-chain metrics indicating increasing accumulation.
  • Ethereum struggled to maintain its value above $2,000, leading to the liquidation of long positions worth approximately $37.5 million.
  • The ETH/BTC pair reached its lowest point of the week, indicating increased selling activities and decreased interest from major investors.
  • BlackRock's initiative for a spot ETH ETF may have a positive impact on Ethereum's price.
  • The NVT ratio has remained steady, supporting ETH's price to hold above $1,850.
  • The current ETH price is $1,936, with bulls putting pressure to keep it above EMA200.
  • Buyers maintaining the price above $2,000 could indicate strong purchasing activity and a potential move towards $2,140 to $2,200.
  • A decrease in price below the 200-day EMA on the 4-h chart could suggest a comeback of bearish momentum.

The article provides a mix of positive and negative sentiment. It highlights signs of a potential comeback for Ethereum but also mentions concerns about the inability to establish stable support above $2,000 and the possibility of bearish momentum.

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You May Ask

What caused the significant liquidations in the market?How much were the long positions liquidated in Ethereum?What is the significance of the ETH/BTC pair reaching its lowest point of the week?How does BlackRock's initiative for a spot ETH ETF impact Ethereum's price?What could happen if the price of ETH falls below the 200-day EMA on the 4-h chart?

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