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

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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 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.

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