VOT Research Desk
Between November 7 and November 9, the price of ethereum fell by 33%, but a recovery rally saw a 25% increase.
Despite this early attempt to soar higher, ETH gradually descended instead, producing a series of lower lows and lower highs.
Two trend lines that connect the bodies of these lower highs and wicks can be created to depict the current obstacles that ETH bulls must get beyond.
The trend line connecting the bodies has so far been broken, but before taking any action, investors must wait for the next obstacle to turn into a support floor. This movement in the price of Ethereum will serve as a buy signal for the following movement.
The equal highs made at $1,350 and the nearby $1,364 barrier are the targets for this breakout.
A flip of the $1,364 barrier will enable a further climb for Ethereum price to retest the $1,422 roadblock, however this rally would represent an 8% upsurge. Despite the fact that Ethereum’s price is on the rise, the first indication of buyer sluggishness will be a breakdown of the $1,250 support level.
The bullish thesis for ETH will be refuted if the four-hour candlestick closes below $1,210 and a lower bottom is formed.
The price of Ethereum might return to the $1,195 support level as a result of this event.
