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

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.

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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.