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Ethereum Price Prediction: ETH/USD Tries to Recover from Downfall as the Price Falls Below $150

ETH Price Prediction – November 24

Ethereum loses more than 4% in one day and even goes below $145 level. The next target support for ETH/USD may come at $140.

ETH/USD Market

Key Levels:

Resistance levels: $165, $170, $175

Support levels: $130, $125, $120

ETHUSD – Daily Chart

Ethereum (ETH) happened to be one of the best-performing crypto-currencies on the coin market cap. But the ETH/USD couldn’t achieve much in this month as it moved in sideways several times before following the downward trend. The buyers blamed the $170 critical support for boosting bears’ pressure on the market. Several levels of support have failed, including $165 and $160.

Nevertheless, the daily chart still shows that Ethereum’s price is trading at $144.61 in a downtrend below the 9-day and 21-day moving averages and should the price move below $140 support level, there is a possibility that the price could hit the critical support levels at $130, $125 and $120 as the MACD signal lines crosses down to the negative side.

However, in as much as the $140 support level could halt the bear’s pressure, the price may likely begin an upward movement and if the bulls could put more effort, the price can reach the potential resistance levels of $165, $170 and $175 respectively.

Against Bitcoin, it was discovered a few days ago that ETH/BTC has been releasing some bearish signals and the price broke down below the 9-day and 21-day moving averages. Today, after moving upward a little bit, the price started falling again and it was shown on the Stochastic RSI as the signal lines are found at the oversold territory, which might be considered as more bearish signs for the market until a reversal occurs.

ETHBTC – Daily Chart

Moreover, the market may continue to decline if the sellers put more pressure on the buyers, the price could come down to the support levels of 0.020 BTC, 0.018 BTC, and 0.016 BTC. Therefore, if there is a reversal, Ethereum price may likely go up as high as 0.022 BTC, 0.024 BTC, and 0.026BTC.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.