Ethereum (ETH) Price Analysis: Ethereum Consolidates Between $430 and $470, an Upward Move Likely

Ethereum (ETH) Price Analysis: Ethereum Consolidates Between $430 and $470, an Upward Move Likely

Key Highlights
Ethereum rallied to $467 high but was resisted
Ether now fluctuates between $430 and $470

Ethereum (ETH) Current Statistics
The current price: $444.90 
Market Capitalization: $50,429,714,060
Trading Volume: $12,712,038,773
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis November 8, 2020
On November 7, Ether traded and reached a peak price of $467. The biggest altcoin is now in a sideways move as buyers fail to push above the $470 resistance level. The bottom line is that if the bulls sustain a price above $450, the upside momentum will resume.

Meanwhile, the crypto is fluctuating between $430 and $470. A break below $430 will invalidate the current upward move. Besides, the coin will slump to a $390 low. Conversely, if the bulls break the $470 resistance, ETH will reach a high of $488. Nevertheless, Ether is trading at $451 at the time of writing.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
ETH is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region of the market. Sellers may emerge to push prices downward. The coin has a bullish crossover as the 21-day SMA crosses over the 50-day SMA.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is consolidating above $ 430 support after rejection from the recent high. On November 7 uptrend, Ether was resisted. The retraced candle body tested the 50% Fibonacci retracement level. The implication is that the coin will rise and reach level 2.0 Fibonacci extension or $536.44.



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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.