Ethereum (ETH) Price Analysis: Ether Trades Marginally Above $4,600, Reaches an Overbought Region

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Ethereum price reaches an overbought region
Ether may face rejection at level $4,633

Ethereum ETH) Current Statistics
The current price: $4,611.73
Market Capitalization: $545,311,798,244
Trading Volume: $13,741,205,012
Major supply zones: $4,000, $4,500, $5,000
Major demand zones: $3,500, $3,000, $2,500

Ethereum (ETH) Price Analysis November 7, 2021
Ethereum’s (ETH) price is in an upward move. Today, the biggest altcoin reaches the high of $4,578 and it pulls back. The price movement has been insignificant because of the presence of small body candlesticks. The price indicators have shown the overbought condition of the cryptocurrency. The current uptrend is likely to face rejection. On May 12, the biggest altcoin was repelled at $4,373 high. The altcoin declined to the low of $1,690 as bulls bought the dips.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum has fallen to level 65 of the Relative Strength index period 14. Despite the retracement, the crypto is in the uptrend zone and capable of a further upward move. Ether is still above the 80% range of the daily stochastic. The market has overbought since November 6. The market is in a bullish momentum.

Conclusion
On the 4-hour chart, ETH/USD is in an uptrend. The price has broken above the moving averages for a further upward move. Meanwhile, on November 7 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Ether will rise but reverse at level 1.272 Fibonacci extensions or $4,633. 76.

ETH/USD – 2 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.