Ethereum (ETH) Price Analysis November 1: Targeting Up?

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.

If you are having problems with your exchange, you can click here and buy safely by registering! Plus, you pay a lower commission fee!

You May Be Interested

What is The HODL Strategy?

0
The topic of this article is What is The HODL Strategy? We will give you information about this subject.HODL is undoubtedly a word that...

PancakeSwap Guide

Related articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here