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

10 November 2021 | Updated: 10 November 2021

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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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.