Ethereum (ETH) Price Analysis: Ether Bulls Buy the Dips, Resume Upside Momentum

Ethereum (ETH) Price Analysis: Ether Bulls Buy the Dips, Resume Upside Momentum

Key Highlights
ETH trend higher and breaks the current price range of $480 and $520
Ethereum bulls buy the dips on November 26 and resume upside momentum

Ethereum (ETH) Current Statistics
The current price: $567.76
Market Capitalization: $64,514,961,747
Trading Volume: $14,304,766,539
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis November 29, 2020
On November 26, Ether plunged to $485 as bulls buy the dips to resume upside momentum. The candlesticks on November 26 were indicating various lengths of tails. These long tails indicate that there is buying pressure at a lower price level. The biggest altcoin is trading at $556 at the time of writing. A retest at the $620 overhead resistance is possible.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The price has broken above the resistance line of the ascending channel. This indicates the upward movement of the coin. Ether is above the 40% range of the daily stochastic. It indicates that the coin is in a bullish momentum.

ETH/USD – 2 Hour Chart

Conclusion
Ethereum is in an upward move as it approaches the resistance at $620. On November 28 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement gives the impression that the uptrend will continue to rise but reverse at level 1.272 Fibonacci extensions. That is the high of $558.13. However, the price action has surpassed that level.



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



  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

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