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Recently, the market was informed that a wallet allegedly linked to Vitalik Buterin sold 3,000 ETH worth approximately USD 3.75 million on Saturday, November 12. ETH was converted to stablecoins via Uniswap. This quite fresh story has already been commented on by Evan Van Ness, one of the most important developers in the Ethereum community. Van Ness denied the reports and said Vitalik Buterin had told him that the wallet in question did not belong to him. Internet portals tried to reach Buterin directly for independent confirmation, however, still failed.
The bearish pressure on Ethereum is still strong and the next target for bears is seen at the level of $886 (yearly low's). The market has been consolidating in a narrow range as the momentum is still weak and negative on the H4 time frame chart. The nearest technical resistance is seen at the level of $1,343 and the intraday technical support is seen at $1,191. In order to extend the recent impressive rally and reverse the trend to the up trend the market must break above the last swing high seen at $1,785.
WR3 - $1,247
WR2 - $1,237
WR1 - $1,231
Weekly Pivot - $1,227
WS1 - $1,221
WS2 - $1,217
WS3 - $1,207
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.
Relevance up to 09:00 2022-11-16 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
