{"id":187502,"date":"2023-11-04T23:42:35","date_gmt":"2023-11-04T18:12:35","guid":{"rendered":"https:\/\/dripp.zone\/news\/distribution-phase-at-key-resistance-hints-16-drop-crypto-news\/"},"modified":"2023-11-04T23:42:39","modified_gmt":"2023-11-04T18:12:39","slug":"distribution-phase-at-key-resistance-hints-16-drop-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/distribution-phase-at-key-resistance-hints-16-drop-crypto-news\/","title":{"rendered":"Distribution Phase at Key Resistance Hints 16% Drop &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"post-163437\">\n<p>\nEthereum Price Prediction: The rising selling pressure at the $1830 mark hints the ETH price may witness a correction phase\t\t\t\t<\/p>\n<p><!--\n     \n\n<div class=\"marketThumbs\">\n             <noscript><img width=\"1200\" height=\"681\" src=\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/11\/Od6ctFjC-e1699120967540.png\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"ETH price\" decoding=\"async\" fetchpriority=\"high\" \/><\/noscript><\/div>\n\n\n--><\/p>\n<p class=\"MarketsUp f-14 d-block\">Published 15 seconds ago  <\/p>\n<div class=\"Atcs\">\n<p><span style=\"font-weight: 400;\">Ethereum Price Prediction: Since the onset of November, Ethereum has experienced heightened volatility with the $1830 level proving to be a formidable resistance, impeding its upward trajectory. This resistance has led to two weeks of indecisive trading, as evidenced by long-wicked candles which reflect the market\u2019s current uncertainty. Investors are pondering whether this consolidation could usher in another bearish downturn.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<p>Also Read: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/us-seizes-54-mln-crypto-including-ethereum-in-narcotics-scheme\/\">US Seizes $54 Mln Crypto, Including Ethereum, In Narcotics Scheme<\/a><\/p>\n<h2><b>Is a Correction Underway?<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The channel pattern leads to the current consolidation in the ETH price<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A bearish breakdown channel pattern would set the price at 16%.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The intraday trading volume in Ether is $5.3 Billion, indicating a 27% loss.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"Ethereum price prediction\" width=\"1946\" height=\"1104\" data-lazy-src=\"https:\/\/s3.tradingview.com\/snapshots\/o\/Od6ctFjC.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"https:\/\/s3.tradingview.com\/snapshots\/o\/Od6ctFjC.png\" alt=\"Ethereum price prediction\" width=\"1946\" height=\"1104\"\/><\/noscript>Source- Tradingview<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The ongoing recovery in the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/ethereum\/\">Ethereum price<\/a> journey initiated from the mid-October low of $1522 to a three-month high of $1874, amounting to a 23% increase. Nonetheless, this rally brought it to a resistance level that aligns with the upper trendline long-standing wedge pattern, potentially introducing a new supply zone for the market participants.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mirroring the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/price\/bitcoin\/\">Bitcoin price<\/a> consolidation, the ETH price is encountering substantial selling pressure around the $1830 threshold, as suggested by the long-wicked rejection candles. However, a detailed analysis at shorter timeframes, reveals a rising channel pattern demarcated by two ascending trendlines.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Should this pattern hold, we might see this altcoin oscillate within the $1800 to $1880 band, indicating a moderate bullish continuation.\u00a0<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">From a bearish viewpoint, a breach below the channel\u2019s lower boundary could precipitate a short-term downturn for Ethereum. The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/glossary\/fibonacci-retracement\/\">Fibonacci Retracement Tool<\/a> delineates critical support levels at $1750 (corresponding to the 38.2% Fibonacci level) and $1700 (at the 50% retracement mark).\u00a0<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">A retracement to these zones could potentially be a precursor to a renewed ascension above the $1880 threshold, maintaining the larger bullish narrative.<\/span><\/p>\n<p><!-- WP QUADS Content Ad Plugin v. 2.0.72.1 --><\/p>\n<h2><strong>Can the ETH Price Fall Back to $1500?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Ethereum\u2019s daily chart over the last seven months illustrates a methodical pullback within the confines of a descending wedge pattern. The latest uptick was a part of this pattern, testing both of its boundaries. If the pattern endures, a correction towards the $1500 mark might materialize, though traditionally, such a pattern concludes with a bullish reversal, as <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/markets\/3k-or-1-5k-where-ethereum-price-is-heading\/\">Coingape mentioned in our previous article<\/a>.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Exponential Moving Average: <\/b><span style=\"font-weight: 400;\">The daily <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/education\/exponential-moving-average-how-to-leverage-it-in-crypto-market\/\">EMAs<\/a>(20, 50, 100, and 200) waver around the $1780 to $1700 price bracket, fortifying this area as a strong support zone.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Relative Strength Index:<\/b><span style=\"font-weight: 400;\"> The daily <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/glossary\/rsi-relative-strength-index\/\">RSI<\/a> forming lower highs within the overbought territory signals a possible price retracement.<\/span><\/li>\n<\/ul><\/div>\n<div class=\"MarketBottm\">\n<div class=\"Socilsm\">\n<p>\n                    Share this article on:<\/p>\n<div class=\"LinksSo\">\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.me\/share\/url?url=https:\/\/coingape.com\/markets\/ethereum-price-prediction-distribution-phase-hints-16-drop\/&#038;text=Ethereum Price Prediction: Distribution Phase at Key Resistance Hints 16% Drop\" class=\"TeleS\"><i class=\"fa fa-paper-plane-o\"\/><\/a><br \/>\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/coingape.com\/markets\/ethereum-price-prediction-distribution-phase-hints-16-drop\/\" data-action=\"share\/whatsapp\/share\" class=\"TeleSwp\"><i class=\"fa fa-whatsapp\"\/><\/a><br \/>\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/share?url=https:\/\/coingape.com\/markets\/ethereum-price-prediction-distribution-phase-hints-16-drop\/\" class=\"tw_new_logo\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" class=\"mb-1\" alt=\"coingape\" width=\"18\" height=\"18\" data-lazy-src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\" class=\"mb-1\" alt=\"coingape\" width=\"18\" height=\"18\"\/><\/noscript><br \/>\n<\/a><br \/>\n                    <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/coingape.com\/markets\/ethereum-price-prediction-distribution-phase-hints-16-drop\/\" class=\"TeleSFb\"><i class=\"fa fa-facebook\"\/><\/a>\n                    <\/div>\n<\/p><\/div>\n<\/div>\n<div class=\"TabDicA\">\n<div class=\"TBAcon \">\n<div class=\"authorFlip tabcS\" id=\"TabA163437\">\n<div class=\"authorBox\">\n<div class=\"author_Name\">\n<!--\n                                      \n\n<div class=\"getAuthoname\">\n                                          \n                                                                                 \n                                       <\/div>\n\n \n--><\/p>\n<p>Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading                         <\/p>\n<\/p><\/div>\n<div class=\"author_Image\">\n                                             <img loading=\"lazy\" alt=\"\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" data-lazy-srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\" data-lazy-src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\"\/><noscript><img loading=\"lazy\" alt=\"\" src=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&#038;d=mm&#038;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=400&#038;d=mm&#038;r=g 2x\" class=\"avatar avatar-200 photo\" height=\"200\" width=\"200\" decoding=\"async\"\/><\/noscript>                                       <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"TabDesCm tabcS\" id=\"TabD163437\">\n<p>  The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n<p>     <!--           <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coingape.com\/category\/price-analysis\/\" class=\"closeArticle2 close-btn\">Close Story<\/a>--><\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum Price Prediction: The rising selling pressure at the $1830 mark hints the ETH price may witness a correction phase Published 15 seconds ago Ethereum Price Prediction: Since the onset of November, Ethereum has experienced heightened volatility with the $1830 level proving to be a formidable resistance, impeding its upward trajectory. This resistance has led [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":187503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[188,183,185,186,187,184,189,150,182,190],"class_list":["post-187502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-blockchain-tech","tag-blockchain-technology","tag-crypto-technology","tag-cryptocurrency-technology","tag-metaverse-technology","tag-nft-technology","tag-soul-bound-token","tag-tech","tag-technology","tag-token-technology"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/187502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=187502"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/187502\/revisions"}],"predecessor-version":[{"id":187504,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/187502\/revisions\/187504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/187503"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=187502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=187502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=187502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}