Ethereum (ETH) Price Analysis: Ether Hovers Above $450 Support for a Possible Uptrend Continuation

Share On Facebook
share on Linkedin

Ether fluctuates above $450 support
The coin has a target price of $488 high

©
Key Highlights

Ethereum (ETH) Current Statistics
The current price: $458.89
Market Capitalization: $52,029,363,330
Trading Volume: $14,108,917,588
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis November 11, 2020
On November 10, the altcoin rebounded but could not break the $470 resistance. The upward move was repelled as price retraced to the $455 low. The upside momentum will always resume as long as price finds support above $450 support.

Presently, the coin is trading at $462 at the time of writing. On the upside, a strong bounce above $460 will propel price to break the $470 resistance. Ether will rally above $488 once the $470 resistance is breached. The upside momentum will be invalidated if the bears break the $450 and the $430 support level.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is trading above the resistance line of the ascending channel. The biggest altcoin will continue to trend higher as long as price is sustained above the resistance line. The coin will resume a downward move if the price breaks below the resistance line.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum bulls are close to breaking the resistance at $470. Once the resistance is broken the Fibonacci tool analysis will hold. When the coin was resisted on November 7 uptrend, the retraced candle body tested the 50% Fibonacci retracement level. This explains that the coin is likely to move up to level 2.0 Fibonacci extension which is $539.17 high.

Source: https://learn2.trade

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20201127 01:07:56