Ethereum takes a dip: Market Analysis

Ethereum is open access to digital money and data-friendly services for everyone – no matter your background or location. It’s a community-built technology behind the cryptocurrency ether (ETH) and thousands of applications you can use today.

Here’s the market structure of the coin Ethereum for 26th November, 2021.

Ethereum is currently trading at $4098.15 levels, down by 9.43%. Ethereum started off the day $4512.27 levels. The coin was seen making low highs and low lows in the early days. The coin’s intraday high stands at $4551.88 levels. It tested the first resistance at $4509.06 levels and has taken a dip since.

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Looking at the daily chart, the coin fell to an intraday low of $3914.13 levels. The early intraday low was seen at $4000.84 levels. On the daily chart, Ethereum broke through the 23.6% FIB resistance level. Coming up against the 4058.03 resistance level, it fell to a late low of $4000.84 levels.

On a daily chart the strong sell region extends between $4431.66 and $4516.99 levels. Contrarily, the strong buy region was between $4020.80 and $4135.73 levels.

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On an hourly chart the coin is seen consolidating in a bearish flag pattern and is likely to break on the downside at $4126.85 levels. Looking at the current momentum Ethereum is likely to make a bearish reverse. However, coming back to $4500 price levels would need support from broader market

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Market Indicators

Hourly RSI: The hourly RSI is moving below 40 levels, showing major price weakness, owing to investors fear of price indecisiveness. The low RSI depicts coin’s oversold region.

Fibonacci Retracement levels: 23.6%: $4050.26, 38.2%: $4144.56, 61.6%: $4297.00

Major support level: $3911.86

Major resistance level: $4220.78

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Conclusion

On the upside prices may move towards $4200 levels. The first major resistance sits at $4220.78 levels. In event of an extended rally upwards, the second major resistance sits at $4272.94 levels. Barring an extended crypto rally, the first major resistance is likely to cap the upside. On the downside a fall below $3960 levels, will bring the first major support level $3897.82 level in play.

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