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/USD – Daily Chart

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.

ETH/USD – 4 Hour Chart

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.

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 results

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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.