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11/15 05:58

NewsBTC Ethereum Price Trims Gains – These Factors

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Ethereum Price Trims Gains – These Factors Could Trigger Fresh IncreaseIMG_20231115_105823_641.jpg
Ethereum Price Holds Key Support
After struggling to clear the $2,120 resistance, Ethereum price started a downside correction like Bitcoin. ETH traded below the $2,050 and $2,000 support levels.
However, the bulls were active above the $1,920 support zone. A low was formed near $1,933 and the price is now consolidating losses. It is trading near the 23.6% Fib retracement level of the recent drop from the $2,118 swing high to the $1,933 low.
Ethereum is now trading below $2,000 and the 100-hourly Simple Moving Average. Immediate resistance is near the $2,000 zone. There is also a key bearish trend line forming with resistance near $2,000 on the hourly chart of ETH/USD.
The next major resistance sits at $2,025 or the 100-hourly Simple Moving Average or the 50% Fib retracement level of the recent drop from the $2,118 swing high to the $1,933 low. A close above the trend line and $2,025 could start a decent increase.
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