Ethereum price dilemma or buy signal before 60% rally


19 Nov 2023 12:39 PM

Ethereum (ETH) price shows a tightening of the multi-month consolidation. ...

  • Ethereum price is consolidating inside an ascending triangle on the weekly chart.
  • A breakout from this setup could lead to a 43% upswing to $2,943.
  • Ethereum has set up three higher lows and three roughly equal highs since June 2022.
  • A decisive weekly candlestick close above the triangle's horizontal resistance level at $2,000 will signal a breakout.
  • If Bitcoin price remains stable, Ethereum is likely to break out and reach $2,943.
  • There may be resistance around the $2,539 level.
  • Ethereum could potentially rise even higher and reach the next MRI resistance level of $3,186.
  • On the downside, if Ethereum fails to stay above the $1,936 support level, it could trigger a correction to $1,795.
  • A weekly candlestick close below $1,547 would invalidate the bullish thesis and could lead to a slide to $1,309.

The article provides a technical analysis of Ethereum's price movement and suggests a potential breakout and upswing. The overall sentiment is positive, indicating optimism for Ethereum's price.

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What is the current price consolidation pattern for Ethereum?What is the potential target price if Ethereum breaks out from the consolidation pattern?What are the key support and resistance levels to watch for Ethereum?What could happen if Ethereum fails to stay above the support level?What is the sentiment towards Ethereum's price movement in the article?

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