ETH: Short Term Market Analysis for 11/06/24

This is my personal opinion and is intended for educational purposes only. Please consult your financial advisor before making any decisions.

Time frame: 15min

The market's rising wedge formation remains intact. Following the successful absorption of the 2660-2666 order block, focus shifts to the monthly Point of Control (POC) at 2620.0. A breach of this level may trigger a corrective decline to fill the underlying imbalance at 25700.Technical studies indicate elevated bearish divergence and overbought conditions, increasing the likelihood of near-term reversal.