Ethereum (ETH) Price Analysis: ETH Resumes Uptrend, Breaks Previous Resistance Levels


Key Highlights
Ether rebounds above $376, breaks resistance at $380 and $395
Ethereum is likely to reach a high of $420

Ethereum (ETH) Current Statistics
The current price: $402.11
Market Capitalization: $45,554,549,947
Trading Volume: $14,203,450,629
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis November 4, 2020
Today, Ethereum rebounded above $376 as price breaks the resistance at $380 and $395. The price surge reached a high of $408 but there was a pullback. The price is hovering above the $400 support. For the upside momentum to continue, the bulls must sustain the bullish momentum above $395. The biggest altcoin will reach a high of $420 if the momentum is sustained. Conversely, if price retraces and breaks below $395, Ether is likely to fall to $380 support. ETH is trading at $402 at the time of writing.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum breaks above the SMAs which suggests that the coin is likely to rise. Presently the SMAs are sloping horizontally indicating the sideways move. The coin is at level 57 of the Relative Strength index period 14.

ETH/USD – 4 Hour Chart

Ethereum has resumed upward move as price breaks the previous resistance. On November 3 uptrend, ETH was resisted at $390. However, the retraced candle body tested the 50% Fibonacci retracement level, This implies that the market will rise and reach a high of 2.0 Fibonacci extension or the high of $409.16.

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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.