ETH Price Analysis – November 4
Looking at the price movement on the daily chart, Ethereum price may have a breakout from the channel as the market trades in a tight range.
Resistance levels: $202, $206, $210
Support levels: $165, $161, $157
During today’s trading, ETH/USD is range-bound. The second-largest digital coin with the current market value of $20.2 billion has been trading in sideways since the beginning of the month amid vanishing volatility and low trading volumes. For now, ETH/USD is changing hands at $186317 and trading within the moving averages of 9-day and 21-day with no clear short-term direction.
Moreover, ETH/USD is initially supported by $181 and it is closely followed by $170. Once these support levels are cleared, the sell-off is likely to gain traction with the next focus on $165, $161 and $157 support levels. On the upside, the local resistance is created by a psychological $190 and followed by the recent high of $195.
This resistance level is likely to limit the recovery for the time being. However, once this is eliminated, the momentum should accelerate with the next focus at $202, $206 and $210 resistance levels. Meanwhile, the signal lines of the MACD indicator are crossing into the positive zone, indicating bullish signals.
Since October 10, 2019, ETH/BTC has continued to follow a bearish trend and now, the price may likely test the support level of 0.019 BTC in the nearest days. Last three weeks, the coin suffered from a strong selling power before the bulls stepped back into the market on October 28 and 29 after which the sellers continue to release huge pressure on the market till now.
Currently, Ethereum is trading below the moving averages at 0.0197 BTC which is not too far from the critical resistance level. Should the buyer put more effort, the price could hit the resistance levels of 0.020 BTC and 0.022 BTC respectively. In other words, the bearish scenario might rally and the price could slip to 0.0185 BTC and 0.0180 BTC support levels.
The MACD signal lines have crossed to the negative zones, confirming the bearish momentum in the market. A drive below the zero-level may lead the market back in a red zone.
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