Ethereum (ETH) Price Analysis for November 19

The market is mainly red in the middle of the week, according to CoinMarketCap.

ETH/USD

The rate of Ethereum (ETH) has declined by 0.1% over the last 24 hours.

On the hourly chart, the price of ETH is going down after a false breakout of the local resistance of $3,124. If sellers’ pressure continues, one can expect a test of the support by tomorrow.

On the longer time frame, the rate of the main altcoin has not bounced off far from the support of $2,959. If the daily bar closes near that mark or below it, the decline is likely to continue to the $2,800-$2,900 zone.

Such a scenario is relevant until the end of the week.

From the midterm point of view, traders should pay attention to the nearest level of $3,004. If its breakout occurs, the accumulated energy might be enough for a move to the $2,800 range.

Ethereum is trading at $3,059 at press time.