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's price surged above $2,000, leading to significant liquidations of short positions.
  • Whales silently accumulated Ethereum during recent price dips, increasing their holdings.
  • The NVT ratio suggests Ethereum may be nearing an overvalued state and could face a correction near $2.1K.
  • The long/short ratio reflects a battle between bulls and bears, with significant liquidations possible if the bulls fail to break through the $2,100 barrier.
  • Ethereum is encountering strong resistance near $2,050, but indicators suggest the bulls hold an advantage.
  • A breach above $2,160 could send the price towards $2,400, while a closure below the 20-day EMA may result in sideways movement between $1,850 and $2,000.

The article provides a mix of positive and negative sentiment. It highlights the surge in Ethereum's price and the accumulation by whales as positive factors. However, it also raises concerns about potential overvaluation, the possibility of significant liquidations, and resistance levels as negative factors.

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You May Ask

What caused the surge in Ethereum's price and subsequent liquidations?How are whales influencing the price of Ethereum?What does the NVT ratio suggest about Ethereum's valuation?What is the current long/short ratio for Ethereum and what does it indicate?What are the potential price levels and scenarios for Ethereum in the short term?

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