$ETH gained 6.6% on Nov 4, then lost 7.7% the next day. That's a failed breakout 📉
$ETH hit 2,450 on Nov 4 and closed at 2,424.61. A day later it closed at 2,238.01, right back where it traded before the push. Binance spot, 4:33 a.m. PKT Nov 8: 2,236.37.
Why I call it a failed breakout: the rally never held. Before it, ETH traded roughly 2,237 to 2,318 (Oct 31 to Nov 3). Price is now back at the bottom of that range.
Support: 2,206 (Nov 5 low), then 2,174 (Oct 30 low).
Resistance: 2,318, then 2,450.
ETH/BTC has sat near 0.0295 since Nov 5, so ETH isn't losing ground to Bitcoin right now. It's falling with it.
My view: cautious below 2,318. A daily close above it would put the failed-breakout read in doubt. A daily close below 2,206 opens 2,174.
Which do you check first, ETH/USDT or ETH/BTC? 👇
#Ethereum #TechnicalAnalysis #ETH
$ETH hit 2,450 on Nov 4 and closed at 2,424.61. A day later it closed at 2,238.01, right back where it traded before the push. Binance spot, 4:33 a.m. PKT Nov 8: 2,236.37.
Why I call it a failed breakout: the rally never held. Before it, ETH traded roughly 2,237 to 2,318 (Oct 31 to Nov 3). Price is now back at the bottom of that range.
Support: 2,206 (Nov 5 low), then 2,174 (Oct 30 low).
Resistance: 2,318, then 2,450.
ETH/BTC has sat near 0.0295 since Nov 5, so ETH isn't losing ground to Bitcoin right now. It's falling with it.
My view: cautious below 2,318. A daily close above it would put the failed-breakout read in doubt. A daily close below 2,206 opens 2,174.
Which do you check first, ETH/USDT or ETH/BTC? 👇
#Ethereum #TechnicalAnalysis #ETH