Ethereum (ETH) Price Analysis: ETH Breaks $480 Overhead Resistance but Fails to Sustain Upside Momentum

Ethereum (ETH) Price Analysis: ETH Breaks $480 Overhead Resistance but Fails to Sustain Upside Momentum

Key Highlights
Ether breaks $480 high but fails to sustain the uptrend
The crypto has plunged to a $457 low and resumes correction

Ethereum (ETH) Current Statistics
The current price: $474.45
Market Capitalization: $53,839,786,699
Trading Volume: $17,955,518,416
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis November 18, 2020
Today, Ethereum bulls have broken the $480 overhead resistance but the bulls failed to sustain the uptrend. The breakout at the $480 resistance pushed the coin to a high of $494. Buyers could not hold the current price level as Ether plunged to a $457 low.

The price made an upward correction and retested the $482 high but sellers are on hand to push the coin downward. After the retest, Ether is making a downward move as the coin is approaching the low of $470. On the downside, the selling pressure will persist if the bears break below the $450 support level.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether has fallen and it is at level 60 of the Relative Strength Index period 14. The coin is in the uptrend zone and above the centerline 50. The price bars are above the SMAs which suggest the rise of the coin.

ETH/USD – 3 Hour Chart

Conclusion
Ethereum’s upward move is doubtful as the coin was repelled from the high of $494. The biggest altcoin fell to the support above $450. On November 18 breakdown, a retraced candle body tested the 50% Fibonacci retracement level. This gives the impression that the downtrend continues to the 2.0 Fibonacci retracement level. That is a low of $419.61.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.