According to the Ethereum analysis of November 1; Ethereum also corrected similarly to Bitcoin and formed a bottom near $4,150. According to technical analysis by NewsBTC’s Aayush Jindal, a new bullish attempt may be made in the near-term:
Ethereum started a downside correction below the $4,320 and $4,250 levels.
There is a key bearish channel forming with resistance near $4,300 on the hourly chart of ETH/USD (data from Kraken).
If the pair stays above the $4,150 support zone, it could start a fresh increase.
Ethereum Eyes on a New Rising
Ethereum broke below the $4,250 level and the 100 hourly simple moving average. However, the bulls protected the $4,150 support zone and formed a local bottom in this area. The pair cleared the $4,200 resistance area and is now trying to recover. The next major resistance for ETH is near the $4,300 level. There is also a key bearish channel forming with resistance near $4,300 on the hourly chart of ETH/USD.
A close above the $4,300 level could open up sharply in the near term. In the stated case, the price could rally to the $4,400 level. Any further gains could lead the price to the next key hurdle at $4,550.
Will Ethereum Drop?
According to Jindal, Ethereum could start a fresh downside correction if it fails to continue higher above the $4,300 and $4,320 resistance levels. Initial support on the downside is near the $4,200 level. Initial key support is currently formed near the $4,150 level and the recent low. A downside break below the $4,150 support could push the price below the $4,100 support. The next key support is near $4,000.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
- Hourly RSI – The RSI for ETH/USD is now below the 50 level.
- Major Support Level – $4,150
- Main Resistance Level – $4,300
Note: You have come to the end of the November 1 Ethereum price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin.
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