At the beginning of the American session, Ethereum (ETH) is trading below 7/8 murray and below the SMA of 21 located at 4,722. It is likely that the downward correction will continue and may reach the bottom of the uptrend channel.
A decisive and sharp break below the uptrend channel formed since September 29 could accelerate the decline of Ether to the 200 EMA located at 4,215.
In the meantime, we expect a consolidation below 4,700, and it will be an opportunity to continue selling with targets up to the support 6/8 murray around 4,375.
A return in the price of Ether above 4,800 would open the bullish scenario and could help reach the psychological level of 5,000 located at 8/8 of murray.
Cryptocurrency market sentiment is showing some caution in the face of rising US inflation. Consequently, investors are taking refuge in gold and some altcoins.
If BTC does not gain any more momentum and remains below 65,000, it could drag ETH lower, and it could fall to the support level of 4,215, zone of the 200 EMA.
The key is to keep an eye on the 21 moving average while Ether trades below this zone. The technical correction is expected to continue and in the short term it may fall to the psychological level of 4,000.
Support and Resistance Levels for November 12 - 15, 2021
Resistance (3) 4,937
Resistance (2) 4,811
Resistance (1) 4,677
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Support (1) 4,476
Support (2) 4,375
Support (3) 4,220
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A trading tip for ETH for November 12 - 15, 2021
Sell below 4,722 (7/8) with take profit at 4,375 (6/8) and 4,215 (EMA 200) stop loss above 4,820.
