According to the November 25 Ethereum analysis; Ethereum, like Bitcoin, is trying a new wave of recovery. According to technical analysis by NewsBTC’s Aayush Jindal, it could accelerate further if there is a clear break above the $4,350 resistance zone.
Ethereum also started a recovery wave similar to Bitcoin. ETH managed to clear the 50% Fib retracement level of the downside move from the $4,386 low to $4,169 high. Besides, there was a break above a key contracting triangle formation with resistance near $4,270 on the hourly chart of ETH/USD.
ETH is now consolidating above $4,250 and the 100 hourly simple moving average. An initial resistance on the upside is near the $4,335 level. The 76.4% Fib retracement level of the downward move from the $4,386 high to $4,169 high is also near the $4,330 level. The first major resistance is near the $4,350 level. A close above the $4,330 and $4,350 levels could start a fresh increase in the near term. In the stated case, the price could rise to the $4,500 level. Any further gains could push the price higher towards the $4,650 breakout zone where the bears will take a stand in the near term.
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Will Ethereum Drop?
According to Jindal, if Ethereum fails to start a fresh increase above the $4,330 level, it could start a fresh decline. Initial support on the downside is near the $4,270 level. Initial key support is now forming near the $4,250 level and the 100 hourly simple moving average. A downside break below the $4,250 support could push the price down further. In this case, the price could slide as low as the $4,150 support.
What Are Technical Indicators Saying?
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now correcting lower towards the 50 level.
Major Support Level – $4,150
Main Resistance Level – $4,350
Note: You have come to the end of the November 25 Ethereum price analysis. The information, comments and evaluations contained herein are NOT within the scope of Investment Advisory. Keep following SinceCoin