Ethereum (ETH) Price Analysis: Ether Reaches Target Price of $620 High, Faces Strong Selling Pressure

Ethereum (ETH) Price Analysis: Ether Reaches Target Price of $620 High, Faces Strong Selling Pressure

Key Highlights
Ethereum rebounds to reach the target price of $620 high
Ether is in a downward move after rejection at $620

Ethereum (ETH) Current Statistics
The current price: $582.16 
Market Capitalization: $66,119,012,987
Trading Volume: $18,754,000,214
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis November 25, 2020
Ethereum reaches the $620 price level but resumes a down move. Ether is approaching the high of $700 which is the price level of April 2018. However, the upward move will resume if price retraces and finds support above $580.

On November 24, the closed candlesticks are indicating long wicks. This indicates that there is strong selling pressure above the $620 high. Nevertheless, if price retraces and falls below $550, Ether will decline to $520 low. The altcoin has fallen to $583 at the time of writing.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The altcoin has fallen to level 71 of the Relative Strength Index. It indicates that the coin is trading in the overbought region of the market. Presently, ETH is below the 40% range of the daily stochastic. It implies that the coin is in a bearish momentum.

ETH?USD – 4 Hour Chart

Conclusion
The Fibonacci tool has already indicated that the coin will reach level 1.618 Fibonacci extensions. On November 21 uptrend, A retraced candle body tested the 61.8% Fibonacci retracement level. This retracement gives the impression that the uptrend will continue to rise to level 1.618 Fibonacci extensions. That is the high of $613.76



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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.