Cryptocurrencies

Ethereum Price Prediction: ETH Tanks As BTC Rally Cools Down

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Written By: Abdullah Sarwar

Nov 14, 2023, 22:03 GMT 22:03

Summary:

The price of Ethereum is having a pullback on the lower timeframe. A reclaim of $2,021 will be extremely bullish for ETH price.

The digital assets failed to catch a bid on Tuesday as the investor focus shifted to the US equities. The Ethereum price fell to its fresh weekly lows as many leverage traders closed their longs. On the same day, lower-than-expected inflation data for the month of October resulted in a strong surge in the stock market.

ETH to USD price was down 3.56% at press time. The cryptocurrency also slid against Bitcoin as the ETH/BTC pair showed a 1.01% loss on Tuesday. Other cryptocurrencies also tanked very hard as the traders took profits after a strong crypto rally in November.

The week started with the fake news of BlackRock filing for spot XRP ETF. The news was debunked immediately by the largest asset manager and the price action in the digital assets reversed. At the time of writing, Bitcoin price was down 2.42% for the day.

ETH to USD chart

Ethereum Price Outlook

If we perform the technical analysis on the ETH price chart on the hourly timeframe, we can see that the price has broken below the range lows of $2,021. However, the high timeframe outlook is still looking bullish. A reclaim of the $2,021 level may result in a rally toward the yearly highs around $2,152

This post was last modified on Nov 14, 2023, 22:03 GMT 22:03

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.