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

You can purchase crypto coins here. Buy Tokens

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

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.