Market Retraces to $4,500 – November 14
The ETH/USD price pushed higher to a peak point but, the crypto market currently retraces to the $4,500 level. The crypto trade bags a relatively smaller negative percentage rate of about 0.93, as of writing, having $4,602 as the market trading valuation.
Market Retraces to $4,500: ETH Market
Key Levels:
Resistance levels: $4,750, $5,000, $5,250
Support levels: $4,250, $4,000, $3,750
ETH/USD – Daily Chart
The ETH/USD daily chart showcases that the crypto market retraces to the $4,500 level after surging higher to average the resistance level of $5,000 between November 8th and 10th trading sessions. The bullish channel trend lines are still intact, playing an instrumental role in the market activities. The 14-day SMA indicator is above the 50-day SMA indicator as separated by a space. The Stochastic Oscillators have moved southbound into the oversold region. Now, they closely point to the south near above range zero. That showcases that some downward pressures are yet to get exhausted in the crypto trade operations.
Can the ETH/USD market sellers push more as the market retraces to $4,500?
Some degrees of cautiousness would have to exercise on the part of traders at a large as the ETH/USD market retraces to the $4,500 level presently. Nevertheless, it appears that the price is currently pushing downward at a less-active motion purposely to re-find support around the trend line of the 14-day SMA. And, precisely, the market support line could be $4,250 afterward. Long position takers are to watch out for a sudden emergence of a bullish candlestick to get a decent buy signal if it has to re-surface at that trading zone.
On the downside, the ETH/USD market sellers currently appear not to have the much-needed energy to overwhelm the crypto-economic business operations as they only push with low-active force at a higher trading psychological zone. A full-fledged bearish candlestick needed to emerge against the 14-day SMA indicator around $4,250 before short position takers could settle for a sell order provided that the candlestick doesn’t witness a quick rebound signal at its tail end formation.
ETH/BTC Price Analysis
In comparison, Ethereum’s trending capacity has been put under a checkmate force by Bitcoin. The currency pair market retraces above the trading indicators. The 14-day SMA trend line is above the 50-day SMA trend line. The Stochastic Oscillators have crossed southbound at range 40, having touched the range of 20 initially. That signifies that the base crypto is presently undergoing a relative loss of momentums to the flagship crypto, serving as the counter trading instrument.
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