Ethereum Breaks Through $4,600 Resistance and Sets Sights on $5,057 High

Nov 08, 2021 at 10:30 // News
Coin Idol
The retracement suggests that Ethereum will rise

The price of Ethereum (ETH) has continued its upward movement, breaking through resistance at $4,600. Today, the Ether price has risen to $4,728.

Ethereum price long-term analysis: bullish

Since November 2, the upward movement was stopped at the $4,600 resistance zone. Last week, buyers failed to break through the $4,600 resistance, but the altcoin fell to a low of $4,360 as bulls bought the dips. 

Today, buyers broke through resistance and made a new high. The current uptrend is expected to continue, but could face resistance at a high of $4,800. Currently, price indicators have reached an overbought area of the market. There is a likelihood that sellers will emerge in the overbought region and push prices lower.

Analysis of Ethereum indicators  

The largest altcoin is at level 70 of the Relative Strength Index of period 14. Ethereum has reached the overbought region. It has limited or no room for an upside recovery. Ether has been above the 90% area of the daily stochastic since November 7. Ethereum is in a strong bullish momentum.


Technical Indicators: 

Key resistance levels - $4,500 and $5,000.

Key support levels - $3,500 and $3,000

Which way is Ethereum headed next? 

On the 4-hour chart, Ethereum has continued its bullish momentum and has risen above the moving averages. Meanwhile, the uptrend from November 3 has a candlestick body testing the 50% Fibonacci retracement level. The retracement suggests that Ethereum will rise to the 2.0 Fibonacci extension level or $5,057.14.


Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

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