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

14 November 2021 | Updated: 14 November 2021

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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Azeez Mustapha

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.