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The second largest cryptocurrency by market capitalization, <a href="https://u.today/ethereum-eth-breakout-on-horizon-as-price-hits-key-level-details" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>, might risk a 16% drop from its current price if a critical price level is lost.
<a href="https://twitter.com/ali_charts/status/1724680341732889011" rel="noopener noreferrer nofollow">Ali</a>, a crypto analyst, spots a sell signal presented by TD Sequential on the Ethereum three-day chart as the second largest cryptocurrency tests a major resistance zone between $2,000 and $2,150 within an ascending triangle pattern.
<blockquote>
 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> | TD Sequential is flagging a sell signal on the <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> 3-day chart! This comes as <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> tests a major resistance zone between $2,000 and $2,150, aligning with the x-axis of an ascending triangle pattern.A pullback from this resistance level could lead to a dip toward… <a href="https://t.co/oKGCT6tVrj" rel="noopener noreferrer nofollow">pic.twitter.com/oKGCT6tVrj</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1724680341732889011?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 15, 2023</a>
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A break below this resistance level could lead to a dip toward the triangle's hypotenuse at $1,700 before the uptrend resumes.
Ali identified the $2,150 price point as the crucial level to watch, as a sustained three-day candlestick close above this level might offset the bearish outlook.
At the time of writing, <a href="https://u.today/ethereum-eth-exchange-outflows-skyrocket-will-price-reclaim-2000" rel="noopener noreferrer nofollow">ETH</a> was down 0.75% in the last 24 hours to $2,019. This is as the crypto market held in a mixed price reaction after softer-than-expected inflation stats released on Tuesday.
The Consumer Price Index (CPI) increased by 3.2% in the year to October, according to the Bureau of Labor Statistics' latest release. Economists predicted the index would rise 3.3% year over year, down from 3.7% published last month.
The Federal Reserve of the United States opted to hold interest rates steady this month at a target range of 5.25% to 5.50%, its second pause in a row.
As the overall crypto market remains flat, Santiment, an on-chain analytics start-up, advises keeping an eye on the rising social volume for BTC and ETH, as well as large caps, as more traders seem to be getting interested in markets again.
Meanwhile, <a href="https://u.today/ethereum-eth-exchange-outflows-skyrocket-will-price-reclaim-2000" rel="noopener noreferrer nofollow">Ethereum</a>'s fees have risen back to their highest levels in four months as network usage grew. ETH fees rose to $5.72 per transaction on Sunday, the highest since July 4, Santiment reported.

Ethereum (ETH) Might Drop to $1,700 If It Breaks This Key Level

U_Today

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