Ethereum Is in a Fresh Uptrend, Targets the $5,021 High

Nov 05, 2021 at 11:00 // News
Coin Idol
Buyers have been working hard to keep the Ether price above $4,642

On November 3, the price of Ethereum (ETH) hit a new high of $4,642, but encountered fierce resistance. Today, the largest altcoin fell to $4,461 as bulls bought the dips.

Over the past three days, buyers have been working hard to keep the Ether price above $4,642. The bulls tested the recent high twice as the altcoin broke above the 21-day moving average line. The 21-day moving average line is holding as the cryptocurrency picks up a new uptrend. If the bulls break the recent high, Ethereum will rise above the psychological price level of $5,000. In the meantime, the new uptrend is in danger of failing at the $4,600 resistance zone.

Ethereum indicator analysis

ETH/USD is at the 65 level of the Relative Strength Index of period 14. Ethereum is in the uptrend zone and approaching the overbought area. At a level of 70, the largest altcoin does not have enough room to move up. The 21-day moving averages are providing support for the upside momentum. Ether is above the 50% area of the daily stochastic. This suggests that altcoin is in bullish momentum.


Technical indicators:  

Major Resistance Levels - $4,500 and $5,000

Major Support Levels - $3,500 and $3,000

What is the next direction for Ethereum?

On the 4-hour chart, Ethereum is in an uptrend. The Ether price is forming a series of higher highs and higher lows. Meanwhile, the uptrend from November 3 has a candle body testing the 50% Fibonacci retracement level. The retracement suggests that Ethereum will fall to the 2.0 Fibonacci extension level or $5,021.84. 


Disclaimer. This analysis and forecast are the personal opinions of the author and 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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