Ethereum (ETH) Price Analysis: Ether Recovers From Downtrend as Buyers Recoup Above $4060 Support

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Highlights

Ethereum plunges to $4065 support
Ether reaches an oversold region

Ethereum ETH) Current Statistics
The current price: $4,260.72
Market Capitalization: $504,373,233,461
Trading Volume: $23,640,023,009
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis November 17, 2021
Today, Ethereum’s (ETH) price has plunged to the low above $4000 support and pulled back. The recent price fall breaks below the 21-day line moving average but finds support above the 50-day line moving average. There is a bullish candlestick above the $4,000 support indicating a possible upward move. Ether will begin resumption of an upward move if the current support holds. Buyers will revisit the highs of $4,745 and $4,800. The bulls will have to push Ether above $4,700 high to be out of a downward correction.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is at level 45 of the Relative Strength Index for period 14. The index is indicating a downward move at level 45 but the moving averages are sloping upward indicating an upward move. Ether fell in the oversold region but pulled above the 25% range of the daily stochastic. The market is in a bullish momentum. The 21-day and 50-day moving averages are sloping upward indicating an uptrend.

Conclusion
On the 4 hour chart, ETH/USD is in a downward move. However, the support at level $4,060 is holding as the market resumes upward. Meanwhile, on November 10 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ether will fall to level 2.618 Fibonacci extensions or $3,862. 31.

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.