Technical analysis of ETH on November 23, 2024

Ethereum (ETH) rebounded from the 20-day EMA ($3,042) and broke through the resistance level of $3,225 on November 21, indicating that the bulls are in control.

The 20-day EMA is sloping upwards and the RSI is in the positive zone, suggesting that the main trend is bullish. If the buyers break through the downtrend line, the ETH/USDT pair could rise to $3,900 and eventually to $4,094.

This positive outlook will be invalidated if the price falls below $3,000. In that case, the pair could drop to $2,850, an important support level that the bulls need to defend. If this level is breached, the advantage will shift to the bears.