Ethereum (ETH) Price Analysis: Ether Rebounds as Bulls Breach More Resistance Levels, Targets the $620 High

Ethereum (ETH) Price Analysis: Ether Rebounds as Bulls Breach More Resistance Levels, Targets the $620 High

Key Highlights
Ether rebounds above $470 support, resumes upward
Ethereum is in a fresh uptrend, targets the $620 high

Ethereum (ETH) Current Statistics
The current price: $565.32
Market Capitalization: $64,184,370,910
Trading Volume: $24,563,337,109
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis November 22, 2020
Ethereum makes an impressive bullish run as bulls breach more resistance levels. Firstly, the bulls broke the $488 overhead resistance and moved up to breach the $550 high. Buyers have been able to push above the $550 high. On the upside, if buyers are successful, the biggest altcoin will reach a high of $620. Conversely, if the bears break below the $550 support, the coin will resume a downward move.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The price has broken the resistance line of the ascending channel. This indicates that the bullish momentum has resumed on the upside. The altcoin is above the 80% range of the daily stochastic. It implies that the coin is trading in the overbought region of the market.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is likely to move on the upside as bulls break the $488 overhead resistance. On November 19 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. This gives the impression that the uptrend will continue to rise to the level of the 2.618 Fibonacci extensions. That is the high of $654.46.


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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.