Ethereum (ETH) Price Analysis: ETH Slumps to $454 Support, Resumes Fluctuation Between $454 and $463

Key Highlights
In the last 24 hours, Ether faced another rejection at $480
The biggest altcoin in a tight consolidation between $454 and $463

Ethereum (ETH) Current Statistics
The current price: $456.27
Market Capitalization: $51,757,559,091
Trading Volume: $10,487,601,167
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis November 15, 2020
Yesterday, Ethereum bulls retested the $480 resistance zone but were repelled. Ether plunged to the low at $254 and the price was corrected upward. ETH price fell and found support above $450 indicates the resumption of upside momentum.

However, if the bears have broken below the $450 support, the upside momentum would have been invalidated. This has been the market scenario since November 11. For the past 24hours, the price movement has been restricted between $454 and $463. Buyers will have to break the minor resistance of $463 before retesting the $480 overhead resistance. Similarly, a break below $454 will compel the coin to drop to $409 low.

ETH Technical Indicators Reading
Ether price breaks below the resistance line of the ascending channel. If the price breaks the $450 support, the selling pressure will continue. Today, ETH is above the 80% range of the daily stochastic. We have seen the emergence of sellers in the overbought region of the market. Selling pressure is ongoing.

Conclusion
Ethereum upward move is facing rejection at the $480 resistance. Nonetheless, if this resistance is breached, the Fibonacci tool analysis will hold. On November 7 uptrend, the retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the crypto will rise to level 1.618 Fibonacci extension which is $522.21high.


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