Ethereum (ETH) Price Analysis: Ether Resumes an Uptrend, Faces Rejection at Recent High

Updated:

Highlights
Ethereum recovers above $4,000 support
Ether reaches an overbought region

Ethereum ETH) Current Statistics
The current price: $4,378.89
Market Capitalization: $518,599,081,409
Trading Volume: $13,841,659,212
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis November 21, 2021
On November 18, Ethereum’s (ETH) price dropped to the low of $3,959 as bulls bought the dips. Today, the ETH price has risen to $4,438 but is facing resistance at the recent high. The biggest altcoin is now above the 50-day line SMA but below the 21-day line SMA. Ether will regain its bullish momentum if price breaks above the 21-day SMA. However, if price breaks below the 50-day line SMA, the selling pressure will resume. However, Ethereum will continue to fluctuate between the moving averages if the lines remain unbroken.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 49 of the Relative Strength Index for period 14. The index indicates that there is a balance between supply and demand. The 21-day line and 50-day line moving averages are sloping upward indicating an uptrend. Ether has risen to the overbought region as it is above the 80% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
On the 4 hour chart, ETH/USD has resumed uptrend as price breaks above the moving averages. Ether price is falling as it reaches the overbought region. Meanwhile, on November 20 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will rise to level 1.618 Fibonacci extensions or $4,554.67.

ETH/USD – 4 Hour Chart

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Ethereum (ETH) Price Analysis: Ether Declines on the Downside, May Find Support above $4,476

Updated:

Ethereum faces rejection at $4,820 resistance
Ether has strong buying pressure above $4,476

Ethereum ETH) Current Statistics
The current price: $4,595.06
Market Capitalization: $543,774,572,274
Trading Volume: $11,991,717,575
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis November 14, 2021
Since November 9, Ethereum’s (ETH) price has been retracing on the downside. In the previous price action, Ether rallied to $4,820 high but was resisted. The retraced candlesticks have long tails pointing to $4,476 support. The long tails are describing that the $4,476 support has strong buying pressure. This also mean that the bears may have difficulty penetrating the support level. ETH/USD is trading marginally because of the presence of small body candlesticks.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 60 of the Relative Strength Index for period 14. Ether is in the uptrend zone and capable of a further upward move. Ether is above the 40% range of the daily stochastic. The 21-day and 50-day moving averages are sloping upward indicating an uptrend. The 21-day line moving average is proving support for the price bars.

Conclusion
On the 4 hour chart, ETH/USD is in a downward move. On November 10 breakdowns, Ether plunged to $4,465 support and pulled back. The long candlestick is indicting strong buying pressure above that level. Meanwhile, on November 12; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will fall to level 1.618 Fibonacci extensions or $4,355. 92.

ETH/USD – 4 Hour Chart


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Ethereum Gas Fees Surge Dramatically Amid ENS Launch

Updated:

According to recent data from Bitinfocharts, the average transaction fee on the Ethereum network has recorded a meteoric rise to $63 on Tuesday, its second-highest transaction fee on record. The highest on record occurred on May 12 when the average gas price hit $70 per transaction. However, this figure has dropped to $57, press time data.

Typically, gas costs differ based on the transaction type. A simple ERC-20 transfer would cost significantly less than a complex Smart Contract interaction. According to Etherscan, it could cost as little as $45 to send Ethereum-based tokens. However, it could cost over $130 to facilitate token swap on Uniswap layer 1.

Commenting on the excessive Ethereum gas fees, popular crypto analyst “Mr. Whale” tweeted that:

“It costs $500+ in fees to transfer $20 on the #Ethereum blockchain.

The banks are quivering in fear…”

Ethereum Name Service Reward Frenzy Triggering Increased Gas Fees

Reports show that the possible cause of the exorbitant gas fees is the Ethereum Name Service (ENS) airdrop, which launched on Tuesday, the same day ETH fee hit its second-highest point.

To claim ENS rewards, domain holders must use gas. Since these holders get the tokens for free, they have no worries about spending them. While tokens can be claimed till May 2022, the current price surge has caused many of these holders to spend their rewards.

Before Binance listed ENS on November 10, users could only sell their tokens on Uniswap, which cost over $100 in gas fees. According to a report from CryptoFees, ENS generated $834 million in network fees on the day of launch and an additional $720 million yesterday. Meanwhile, ENS hit a record high of $83.40 in the early Asian session today.

Interestingly, along with network fees for ETH holders, token burning has spiked significantly. Ultrasound.Money recently reported that 841,000 ETH (worth $3.95 billion based on the current price)has gotten burnt since the EIP-1559 upgrade in August.

 

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Ethereum (ETH) Price Analysis: Ether Rebounds Above $4,700, Continues Upside Momentum

Updated:

Highlights

Ethereum price rebounds above $4,700 support
Ether bulls target $4,820 resistance

Ethereum ETH) Current Statistics
The current price: $4,832.88
Market Capitalization: $573,920,310,843
Trading Volume: $18,787,918,479
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis November 10, 2021
Since September 29, Ethereum’s (ETH) price is in an uptrend. Ether’s price has been making a series of higher highs and higher lows. On November 8, Ether’s price made a higher high of $4,820. Since November 9, Ether’s price has been fallen to make a higher low. Once that is established, the uptrend will resume. This has been the price action for some time. The uptrend will continue as long as the price bars are above the moving averages and the trend line.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 65 of the Relative Strength Index for period 14. The RSI is sloping horizontally. A bullish trend line is drawn showing the support levels of prices. If price breaks and closes below the trend line, the uptrend may be terminated. Ether is above the 80% range of the daily stochastic. The stochastic bands have been sloping in the overbought region for some time.

Conclusion
On a weekly chart, ETH/USD is in a smooth uptrend. Meanwhile, on September 20; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will rise to level 1.618 Fibonacci extensions or $5,355. 80.

ETH/USD – Weekly Chart


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Ethereum (ETH) Price Analysis: Ether Trades Marginally Above $4,600, Reaches an Overbought Region

Updated:

Ethereum price reaches an overbought region
Ether may face rejection at level $4,633

Ethereum ETH) Current Statistics
The current price: $4,611.73
Market Capitalization: $545,311,798,244
Trading Volume: $13,741,205,012
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis November 7, 2021
Ethereum’s (ETH) price is in an upward move. Today, the biggest altcoin reaches the high of $4,578 and it pulls back. The price movement has been insignificant because of the presence of small body candlesticks. The price indicators have shown the overbought condition of the cryptocurrency. The current uptrend is likely to face rejection. On May 12, the biggest altcoin was repelled at $4,373 high. The altcoin declined to the low of $1,690 as bulls bought the dips.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has fallen to level 65 of the Relative Strength index period 14. Despite the retracement, the crypto is in the uptrend zone and capable of a further upward move. Ether is still above the 80% range of the daily stochastic. The market has overbought since November 6. The market is in a bullish momentum.

Conclusion
On the 4-hour chart, ETH/USD is in an uptrend. The price has broken above the moving averages for a further upward move. Meanwhile, on November 7 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ether will rise but reverse at level 1.272 Fibonacci extensions or $4,633. 76.

ETH/USD – 2 Hour Chart


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Ethereum (ETH) Price Analysis: Ether Surges Ahead as Altcoin Underlying Strength Grows

Updated:

Highlights

Ethereum price rallies to $4,640 high
Ether approaches the overbought region

Ethereum ETH) Current Statistics
The current price: $4,562.90
Market Capitalization: $539,294,686,287
Trading Volume: $19,693,495,804
Major supply zones: $4,000, $4,500, $4,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis November 3, 2021
Ethereum’s (ETH) price has continued to surge higher on the upside. The uptrend has been consistent on the upside. Today, the biggest altcoin reached the high of $4,640 but could not break the recent high. The cryptocurrency has retraced to the low of $4,541 and resumed upward. Today, if buyers can push the price above the $4,640 high, the market will rally to $5,000. However, if buyers fail to break the recent high, Ether will fall and resume a sideways move. Presently, the altcoin is retracing from the recent high.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 67 of the Relative Strength index period 14. The crypto will reach the overbought region at level 70. Sellers will emerge in the overbought region to push prices down. The 21-day line and the 50-day line moving averages are sloping upward indicating the uptrend. Ether is above the 80% range of the daily stochastic. The market is in a bullish momentum but has reached the overbought region.

Conclusion
On the 4-hour chart, ETH/USD is in a strong uptrend. The altcoin is in a minor retracement. Meanwhile, on October 29 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ether will rise to level 2.0 Fibonacci extensions or level $5,001.39.

ETH/USD – 4 Hour Chart

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Ethereum Records Explosive Network Growth in Q3 2021

Updated:

New reports show that the transaction value settled for Ethereum between July and September 2021 ran up to a jaw-dropping $536.5 billion. This data represents a 398% increase from the same period from last year (QoQ).

Meanwhile, the report added that the total transaction fees paid to miners increased by 511% YoY. This report came as good news for miners, not so much for network users. Also, network revenue for Q3 2021 jumped to $1.96 billion from a paltry $321 million in Q3 2020.

However, the report added that 68% of these fees got burned due to the EIP-1559 upgrade implementation in August. At press time, over 710,600 ETH had gotten burned with an estimated value of over $3.09 billion (based on press time prices). Meanwhile, Ethereum announced the successful implementation of its first Beacon Chain upgrade, Altair.

Ethereum Records Massive Growth in Issuance Rate

The report showed nothing but impressive performances by the network as the ETH issuance rate dropped by 29%. Also, the rate of expansion of the ETH supply over the same period fell from 1.11% in Q3 2020 to 0.79% in Q3 2021.

Meanwhile, the Ultrasound.Money tracker currently pegs Ethereum’s inflation rate at 2.1% per year. Spectators expect this figure to drop to a deflationary -2% per annum once The Merge occurs and the network switches to a proof-of-stake consensus mechanism.

Furthermore, the number of daily active addresses increased by 24% from Q3 2020 to 457,402. Also, the ETH hash rate rose by 180% within the same period. With an average daily hash rate of 785 terahashes per second (TH/s), the ETH hash rate could touch a record high soon.

The Ethereum ecosystem has also recorded significant growth over the stipulated period, especially with DeFi and NFTs. Reports show that the total value locked (TVL) on DeFi surged by 1,242% YoY, and decentralized exchange volumes increased by 242%. Also, stablecoin issuance on the network spiked by 405% QoQ.

 

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Ethereum (ETH) Price Analysis: Ether in a Minor Retracement, May Resume an Uptrend

Updated:

Ethereum price rallied to $4,445 high
Ether may decline to $4,109 low

Ethereum ETH) Current Statistics
The current price: $4,249.15
Market Capitalization: $500,474,728,891
Trading Volume: $17,251,740,375
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 31, 2021
Ethereum’s (ETH) price is retracing after the recent rejection at $4,456. At first, the cryptocurrency retraced to $4,235 low and corrected upward. The upward correction was terminated at the $4,400 resistance as the bears resume downward move. Ether has fallen to the low of $4,164 and resumed upward. If the current support holds, the market will continue to rise on the upside. However, if the current support fails to hold, the downtrend will resume.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 59 of the Relative Strength index period 14. It indicates that the crypto is in the uptrend zone and it is above the centerline 50. Ether is above the 25% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
On the 1-hour chart, ETH/USD is in a downward move. Bullish candlesticks are indicating a possible upward move of Ether. Meanwhile, on October 30 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will fall to level 1.618 Fibonacci extensions or level $4,109.77. From the price action, Ether has fallen to the low of $4,170 and it is resuming upward.

ETH/USD – 1 Hour Chart


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Ethereum (ETH) Price Analysis: Ether Drops Sharply as Bulls Fail to Overcome $4,280 High, May Resume Upward

Updated:

Highlights
Ethereum price is facing rejection at $4,300
Ether crashes to $3,938

Ethereum ETH) Current Statistics
The current price: $4,009.87
Market Capitalization: $473,212,160,569
Trading Volume: $26,523,339,261
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 27, 2021
Since October 25, Ethereum’s (ETH) price has been fluctuating below the $4,280 resistance. Buyers could not keep the price above the recent high after several attempts. Today, the bulls pushed ETH’s price to the high of $4,300 but were repelled. Ether is now in a downward move as price visits the previous low at $3,870. However, the biggest altcoin is hovering above the $4,000 support at the time of writing. If the market holds above the current support, then the bearish scenario is likely to be invalidated.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Despite the breakdown, the cryptos price is above the moving averages which indicates that prices are likely to rise. Ethereum is at level 56 of the Relative Strength index period 14. It indicates that the crypto is in the uptrend zone and it is above the centerline 50. Ether is above the 25% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
On the 4-hour chart, ETH/USD is in a downward move but the bearish momentum has subsided. Bullish candlesticks are indicating a possible upward move of Ether. Meanwhile, on October 26 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ether will fall to level 2.0 Fibonacci extension or level $3,869.17. From the price action, Ether has fallen to the low of $3,951.27 and it is attempting to resume upward.

ETH/USD – 4 Hour Chart

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Ethereum (ETH) Price Analysis: Ether Consolidates Below $4,200, Uptrend Likely

Updated:

Highlights
Ethereum price is facing rejection at $4,200
Ether is resuming a fresh uptrend

Ethereum ETH) Current Statistics
The current price: $4,032.75
Market Capitalization: $476,099,086,368
Trading Volume: $14,735,834,907
Major supply zones: $3,000, $3,500, $4,000
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis October 24, 2021
Ethereum’s (ETH) price is in a downward move and it is consolidating below the $4,200 resistance zone. Since October 21, Ethereum has been in a downward move after rejection from the high of $4,370. The bulls have also retested the $4,200 resistance after falling below it. The selling pressure is likely to extend below $4,000. A break below the $4,000 support will further cause the crypto to decline. On the other hand, if the support holds, the biggest altcoin will commence the resumption of an upward move.

ETH/USD – Daily Charts

ETH Technical Indicators Reading
The cryptocurrency has fallen to level 61 of the Relative Strength index period 14. It indicates that the crypto is in the uptrend zone and it is above the centerline 50. The market is likely to resume an upward move. Ether is above the 40% range of the daily stochastic. The market is in a bullish momentum.

Conclusion
On the 4-hour chart, ETH/USD is in a downward move. Buyers have failed to break above $4,200 resistance on three occasions. On each occasion, the market will decline on the downside. ETH price has broken below the 21-day SMA. Meanwhile, on October 21 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ether will fall to level 1.618 Fibonacci extension or level $3,840.84. From the price action, Ether has fallen to the low of $3,892 before resuming upward.

ETH/USD – 4 Hour Chart

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.