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Ethereum (ETH) Daily Price Forecast – November 21



ETH/USD Medium-term Trend: Bearish

Resistance Levels: $240, $250, $260
Support Levels: $130, $120, $110

Yesterday, November 20, the price of Ethereum was in a bearish trend. On November 19, the crypto’s price continued with the bearish movement by making a series of lower lows and lower highs. On November 20, the price action changed to a sideways trend and later to a bullish trend. In the lower time frame, price broke the 12-day EMA and the 26-day EMA to the upside. Later the bearish trend continued.

This indicates that the bears are losing control of the market as the market reached the oversold region. Meanwhile, the price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.

ETH/USD Short-term Trend: Bearish

On the 1-hour chart, the crypto’s price is in a bearish trend. In the lower frame, the price action of Lower lows and lower highs has changed. The crypto’s price has reached a low of $129.57 and commenced a bullish movement. The bears are losing control of the market. Traders should look out for buy setups in order to initiate long trades. Then a stop loss should be placed below the previous low of $129.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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