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Ethereum (ETH) Price Analysis for November 16
Cover image via www.tradingview.com

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The market is facing bearish pressure; however, some coins keep rising, according to CoinStats.

ETH chart by CoinStats

ETH/USD

The rate of Ethereum (ETH) has risen by almost 1% since yesterday.

Image by TradingView

On the local chart, the price of ETH has made a false breakout of the support level of $2,022. If the daily candle closes far from this mark, the bounce back may happen to the interim zone of $2,050 tomorrow.

Image by TradingView

Today’s bearish candle has not affected the technical picture on the daily time frame. 

As none of the sides is dominating, ongoing sideways trading in the area of $2,000-$2,100 is the more likely scenario for the current week.

Image by TradingView

A similar situation can be seen on the weekly chart. At the moment, one should focus on the important area of $2,000. If the rate of ETH remains above that, there is a possibility to see a further rise to the $2,200 range.

Ethereum is trading at $2,031 at press time.


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