ETHUSD Short-Term Analysis for 16/11/2024Disclaimer: This analysis is for informational purposes only and should not be considered as investment advice. Cryptocurrency markets are highly volatile, and prices can fluctuate rapidly. Always consult multiple sources and conduct thorough research before making trading decisions.
Time Frame: 1-hour
Market Analysis:
Following our previous analysis, the market remains in a consolidation phase. Although the price bounced off the Demand. However, it lacks impulsive momentum, indicating the correction phase persists.
However, once the price crosses the daily Point of Control (POC) and it transitions into a support level at 3,188.86, the price is likely to surge significantly upward.
Alternative Scenario:
On the other hand, If price dips below invalidation level at 3,014.0 This would warrant caution, as it increases the likelihood of continued downward momentum to retest a weekly point of control at 2,908.64 - 2,850.0
Key Levels:
Res:3,6300.00 - 3,700.00
Poc:3188.66
Support: 2908.64 - 2,850.0
Invalidation: 3,014.00
lower support: 2,781.26 - 2,704.0
Trading Bias:
The market remains in consolidation, having absorbed inducements. Additional support is added at level 3014.0. The volume is low. If the price slips below the invalidation point, the bullish narrative would be compromised, potentially triggering a reversal.
