VeChain (VET) price outlook as ETH eyes bounce above $1.9k

8:53 pm
November 17, 2023

**VeChain’s (VET) Price Movement As Ethereum (ETH) Seeks Recovery Above $1.9k**

VeChain (VET) has experienced a 5% decline in the past 24 hours, currently trading at $0.023, while Ethereum (ETH) struggles to maintain its position near $1,940. Both cryptocurrencies have retreated from recent highs due to profit-taking and Bitcoin’s drop below $36k.

Earlier this month, VeChain’s price soared to $0.023, its highest level since April 30, driven by positive crypto sentiment and news related to Bitcoin and Ethereum ETFs. However, the surge attracted profit-taking, resulting in a 5% downturn within 24 hours and an 8% decrease over the week, trimming its 30-day gains to just over 26%.

Similarly, Ethereum is facing challenges to sustain gains above $2k – currently trading near $1,940, down 3% in the past 24 hours and nearly 9% over the week. Analysts are eyeing a potential jump to $3,100, but if ETH/USD falls below $1.9k, bears may target $1,740.

In the case of VeChain, the scenario is similar, with bulls struggling against sell-off pressure after reaching multi-month highs. The daily chart for VET suggests a negative outlook, indicated by the RSI and MACD indicators. If the price falls below $0.020, it could potentially drop to $0.018, finding further support between $0.016 and $0.014.

As VeChain and Ethereum navigate through these challenges, the crypto market awaits the resolution of key price levels for potential bullish momentum.

**Frequently Asked Questions (FAQs)**

**1. What caused VeChain (VET) and Ethereum (ETH) to retreat from recent highs?**
Both VeChain and Ethereum experienced a decline from recent highs due to profit-taking and Bitcoin’s drop below $36k.

**2. What is the current price of VeChain (VET) and Ethereum (ETH)?**
VeChain (VET) is currently trading at $0.023, while Ethereum (ETH) is struggling to maintain its position near $1,940.

**3. What are the potential support levels for VeChain’s (VET) price?**
If the price of VeChain (VET) falls below $0.020, it could potentially drop to $0.018, finding further support between $0.016 and $0.014.

**4. What is the outlook for Ethereum’s price movement?**
ETH/USD is currently facing challenges to sustain gains above $2k. Analysts are eyeing a potential jump to $3,100, but a fall below $1.9k might lead to a target of $1,740 by bears.


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