The price of Ether (ETH/USD) is now below the 200 EMA located at 4,720. It could be a negative signal with targets towards the bottom of the downtrend channel and up to 4/8 of murray around 3,750.
On the other hand, consolidation above 4,300 could signify a bullish move and could challenge the top of the downtrend channel around 4,550.
According to the 4-hour chart, we can see that Ether is trading within a downtrend channel formed since October 27. As long as it remains within this channel, it is likely that there will be highs and lows respecting the bearish direction.
Considering the bearish outlook for BTC, it is expected that the price of Ethereum will follow the same trend and fall to the demand zone around 3,750.
A daily close below the psychological level of $4,000 will confirm the start of a downtrend. In this case, Ether will have as its objective the level of 3,750 (4/8) and if this level is broken, it could fall to the level of 3,437 (3/8).
On the contrary, if Ether gains momentum breaking through the bearish channel and consolidates above 4,500, we can expect a new bullish wave that could reach the psychological level of $5,000 (8/8).
Our trading plan for the next few hours is to sell below the 200 EMA with targets at 4,065 and up to 3,750. On the contrary, if it consolidates above the 21 SMA at 4,270, we can buy with targets towards 4,550.
Support and Resistance Levels for November 24 - 25, 2021
Resistance (3) 4,467
Resistance (2) 4,375
Resistance (1) 4,270
----------------------------
Support (1) 4,139
Support (2) 4,062
Support (3) 3,932
***********************************************************
A trading tip for ETH for November 24 - 25, 2021
Buy above 4,273 (200 EMA ) with take profit at 4,550 or sell below 4,230, with take profit at 4,062 (5/8) and 3,750 (4/8), stop loss below 4,220.
The material has been provided by InstaForex Company - www.instaforex.com