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Ethereum price threatens Death Cross and continues downward trend



The Ethereum course is threatened with a death cross, which would confirm the trend bearishly. How deep will Ethereum fall?


Death Cross in the 4H course could drive the Ethereum price lower

In the 4H price, the Ethereum price is close to a death cross, which would confirm the trend bearish in the short term. Neither the RSI nor the MACD are currently giving bullish signals, instead the Ethereum price could fall even lower.


Ethereum course finds support at the Fib level at around USD 4,000

Since the Ethereum price hit around USD 4,900, it has corrected sharply to the 0.382 Fib support at around USD 4,000, which has so far held up successfully. There is also the 50-day EMA, which also serves as a support. Should Ethereum fall below this support, it will not find support again until around USD 3,600 and around USD 3,000. There is significant Fibonacci support there. In between, at around USD 3,250, runs the 200-day EMA, which offers additional support.


So should Ethereum fall below USD 4,000, very strong support awaits it. The chance that it will bounce off one of these supports and initiate an upward movement is very high.


Will there be a mild correction or will there be a massive drop in prices?

So far, there has only been a very slight correction in the weekly chart after a bearish divergence in the RSI had built up for weeks. Whether Ethereum actually found its lowest point in this correction at USD 4,000 remains to be seen. Should the Death Cross establish itself in the 4H course, a price decline to 3,000 - 3,600 USD seems quite likely. Should Ethereum end its correction at these levels, Ethereum could rise to around USD 6,000 this year.


In view of the little time that remains, Ethereum would have to hurry up for this. At around 1,700 USD and 1,100 USD at the latest, massive support awaits the ETH course. Whether Ethereum reaches these price levels essentially depends on whether it remains with a small correction or Ethereum initiates a massive downward trend as a result of a bear market.


Monthly rate does not necessarily have to close in red


The monthly candle for November does not necessarily have to close in red. It would definitely be a good sign for the ETH price if Ethereum closes above 4,300 USD at the end of the month. This would be an indication that the Fib support at USD 4,000 is holding successfully and will not be broken.


The ETH price is rather bullish against Bitcoin

Against  Bitcoin  , the Ethereum  price is still fluctuating  between Fib support at around 0.058 BTC and Fib resistance at around 0.085 BTC, but the Ethereum price seems to be developing particularly bullish this month. Should the Ethereum course manage to break the resistance at around 0.085 BTC, a bullish breakout could ensue. It would look much better for the ETH course than for the BTC course.

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