Ethereum (ETH) Price Analysis for November 16

The market is facing bearish pressure; however, some coins keep rising, according to CoinStats.

ETH/USD

The rate of Ethereum (ETH) has risen by almost 1% since yesterday.

On the local chart, the price of ETH has made a false breakout of the support level of $2,022. If the daily candle closes far from this mark, the bounce back may happen to the interim zone of $2,050 tomorrow.

Today’s bearish candle has not affected the technical picture on the daily time frame.

As none of the sides is dominating, ongoing sideways trading in the area of $2,000-$2,100 is the more likely scenario for the current week.

A similar situation can be seen on the weekly chart. At the moment, one should focus on the important area of $2,000. If the rate of ETH remains above that, there is a possibility to see a further rise to the $2,200 range.

Ethereum is trading at $2,031 at press time.

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