Ethereum (ETH) price analysis, November 30, 2020.
For the past five days, Ethereum has been in an upward move. On November 26, Ether had a breakdown as it dropped to a $489 low. It fell above the $450 support which has been the basis for upside momentum. Ethereum bulls have broken through the resistance levels and it is trading at $589 high. The biggest altcoin is likely to retest the $620 resistance.
If the bulls break the $620 resistance, Ether is likely to rise on the upside. Perhaps, the altcoin will rise and revisit the high of $838. This was the price level of April 30, 2018. Conversely, if the $620 resistance remains unbroken, the bears will push the crypto downward. A fall to the low at $480 is likely. Ethereum is rising and approaching the high of $595 at the time of writing.
Ethereum is rising because it is above the resistance line of the ascending channel. The coin is rising because it is above the 21-day and 50-day SMAs. A break below these levels will mean a downward movement of the coin. The coin is also above the 40% range of the daily stochastic. It indicates that it is in the bullish momentum.
Key Resistance Zones: $440, $460, $480
Key Support Zones: $160, $140, $120
The price action has shown the upward movement of the coin. According to the Fibonacci tool, the coin will rise on the upside. On November 23 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This indicates that the coin will rise and reach level 2.0 Fibonacci extension level. That is the altcoin will reach a high of $811.60
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.