November 16th ETH market trend analysis:

ETH intraday resistance range 3213-3241
ETH intraday support range 3120-3092

ETH has shown a downward trend in price recently. On the 16th, the hourly K-line displayed several small bearish candles, indicating weak rebound strength. The daily chart shows significant price surges and drops over the past few days, and it is currently in a correction phase, overall showing weakness. The MACD on the hourly chart continues to operate below the zero axis, with both DIF and DEA being negative, suggesting bearish momentum is dominant. However, the green bars are shortening, indicating potential rebound demand. The RSI on the hourly chart is at 42.51, not yet entering the oversold zone, leaving room for further adjustment. The daily RSI is gradually retreating from high levels towards a neutral zone, with market sentiment stabilizing. The EMA on the hourly chart shows a bearish arrangement with EMA7, EMA30, and EMA120, and the current price is below all moving averages, with EMA7 exerting pressure on the price. The daily EMA also displays a bearish arrangement, with EMA30 possibly providing some support. The hourly trading volume fluctuates significantly, with a spike on the 15th at 2100, followed by a gradual shrinkage, indicating a decrease in market activity. The daily trading volume significantly expanded between the 14th and 15th, and after sharp fluctuations, it began to weaken, with reduced capital inflow.
Recommended operation:
ETH near 3213-3241, target 3190-3164,
Buy around ETH 3120-3092, target 3145-3165
(For reference only and does not constitute investment advice! )
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