ETH Price Outlook(11/3/2023) - 1.75k Make it or Break it line?
Greetings! In this article, I will go over my technical analysis I did today and explain what indicators were notable and future potential scenarios of the Ethereum price action.
1.75k Make it or Break it line?
During the past couple of days, Ethereum has been on a slow uptrend after the rally a few weeks ago. Currently, my most recent technical analysis indicates that Ethereum is likely to have a retracement along with Bitcoin, however, the real question is whether Ethereum will uphold higher support or retrace to lower price targets.
4-hour time frame:
In the 4-hour time frame, the RSI is at neutral territories, and it is currently still at a downward trajectory. The MACD is at neutral territory (With small curves and small crosses). However, currently, the price is still slowly rising. This can be seen as very bullish because the MACD is currently still on a downward trajectory while the price is on an upward trajectory. This conclusion is further supported with the basic rule that when Bitcoin rises, Ethereum rises afterwards, which as shown from the recent price action, Ethereum still hasn't rallied all that much yet.
24-hour time frame:
In the 24-hour time frame, the RSI is beginning to curve below overbought territories. The MACD is also nearly at a bearish cross with a lot of built up momentum. This means that a retracement is bound to happen within the next week and will be crucial in determining whether or not Ethereum will continue up in its uptrend or not. If Ethereum does find support along the 20-50 EMA support lines, it is likely that Ethereum will rally towards higher price targets. However, if Ethereum fails to find support, then it is more probable that Ethereum will form a lower low, perhaps all the way down to 1.5k.
Weekly time frame:
In the weekly time frame, the RSI is still very neutral and still over RSI resistance as well. The MACD also has just begun to print green bars ever since the bullish cross that was confirmed last week. These two indicators alone indicate that in the overall macro trend, Ethereum's upside still has a long way to go. Furthermore, the 20 EMA (Which is still under the 50 EMA) is beginning to curve upwards to potentially meet the 50 EMA soon, which indicates that if they cross, then Ethereum will be able to rally towards previous high price targets, such as 2k and 2.1k.
Conclusion:
In conclusion, many indicators are indicating that Ethereum is likely to retrace, however, depending on whether Ethereum holds the daily 20 EMA or 50 EMA levels determine whether or not Ethereum will continue into a stronger uptrend.
* Originally Published on Publish0x *
