Ethereum Struggles to Surpass Yearly High: Technical Analysis and Expert Insights
On November 24th, Ethereum (ETH) faced challenges in surpassing its yearly high, hovering above the $2000 mark. Examining the market dynamics, let’s explore whether ETH has maintained its bullish momentum.
The daily timeframe reveals Ethereum’s upward movement initiated in October. While the price broke through a descending resistance line originating from the yearly high of $2140 on April 16th, ETH has yet to retest this line as a support level. On November 24th, instead of reaching a new yearly high, Ethereum formed a descending peak and a long upper wick, indicative of selling pressure.
The RSI momentum indicator provides mixed signals, dipping to the neutral 50 mark. However, a hidden bullish divergence (green marker) has emerged on the chart, suggesting a potential continuation of the upward trend.
Analyst Perspectives: Cryptocurrency traders and analysts on the X platform present diverse forecasts for Ethereum:
- ColdBloodShill suggests a potential retracement to the $1900-$2000 range before resuming a bullish trend.
- Satoshi Flipper expresses optimism based on fundamental reasons, anticipating an influx of institutional capital into Ethereum once spot ETFs are launched.
- CryptoBusy identifies long-term resistance around $2100, projecting an explosive surge once this level is breached.
ETH Price Forecast: Upholding Above $2000 According to the most plausible Elliott Wave Theory scenario, ETH is within a correction structure (A-B-C, in black) following a five-wave bullish structure that began forming in October.
A 1:1 ratio for waves A:C suggests a minimum at $1900, aligning with the 0.382 Fibonacci retracement level (in white).
Should wave C exceed the length of wave A by 1.61 times, ETH might drop to $1760, constituting a 13% decrease from the current price. This second target aligns with the 0.618 Fibonacci level.
However, surpassing the wave B maximum at $2136 would signal the end of the correction. In this scenario, ETH could rise by 25%, reaching the next resistance at $2500.
