Ethereum Has Broken Out Of Its Current Trading Range

Nov 06, 2023 at 13:53 // Price
Coin Idol
Ethereum has broken out of its current trading range

The latest price analysis by report, the price of Ethereum (ETH) has maintained its current rise, with the altcoin remaining above the breakout level of $1,746 from October 27.

Long-term analysis of the Ethereum price: bullish

The largest altcoin rose above the current support and was forced to trade sideways between $1,760 and S1,860. The price movement went sideways for a week before resuming on November 5. Ether climbed to a high of $1,915 before falling again. Ether rose back above the previous resistance level, which is now a support level.

If Ether remains above the support level of $1,880, the altcoin will rise to the psychological price level of $2,000 per coin. If the selling pressure continues, Ether will fall into the current price range. On the downside, buyers have continuously defended the breakout level of $1,746. As long as Ether remains above the break-even point of $1,746, it will continue to rise.

Analysis of the Ethereum  indicators

Due to the interruption of the uptrend on October 24, the moving average lines have sloped horizontally. The sloping moving average lines illustrate the sideways trend of the cryptocurrency. Ether has returned to its trading range and is facing a rejection at the high of $1,900. The largest altcoin has reached the overbought zone of the indicator.

ETHUSD_(Daily Chart) – NOV.6.23.jpg

Technical indicators:

Key resistance levels – $1,800 and $2,000

Key support levels – $1,600 and $1,400

What is the next direction for Ethereum?

Ethereum has broken out of its current trading range but has been halted around the high of $1,915. At the time of writing, the uptrend is still intact as the price retraces to the low of $1,886. Should buyers overcome resistance at $1,915, Ether could continue to rise.

ETHUSD_(4 hour Chart) – NOV. 6.23.jpg

As we reported on November 5, the largest altcoin is oscillating below the resistance level of $1,893. Since October 24, the upswing has ended and the altcoin has returned to a horizontal pattern. 

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 Readers should do their research before investing in funds.

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