- Ethereum price prediction highly bullish as ETH/USD all set for new annual highs
- ETH/USD quickly jumps from a 3.8 percent decline to reclaim the $454 mark within hours
- Pair survives thin weekend liquidity to join Monday’s expected euphoric market opening
Ethereum price prediction – ETH/USD swiftly bounces from weekend slide to recapture $455
Ethereum price followed the slight correction in BTC/USD to drop by 3.8 percent and touch $425 on the daily chart. The quick fall was immediately followed by a swift recovery, and the pair rose to the $455 level within a few hours on the back of strong buying. The bulls are anticipating a strong opening on Monday after the dust settles on the US Presidential elections.
The rising trend channel on the hourly timeframe is a healthy sign for the bulls. Over the past two months, ETH/USD has managed to stay on the top edge of this rising trend channel helping the pair touch new highs. However, ETH/BTC did not saw any excessive movement, and the pair touched the $0.03 level and could not proceed any further.
Ethereum price movement in the last 4 hours displays optimistic caution
The hourly chart of the ETH/USD pair shows that traders are closely following the rising channel. After breaking above the key $445 resistance, the pair has shown resilience to maintain higher ground. Further resistance up at $462 is being challenged repeatedly by the bulls, and Monday can be the pivotal day when ETH/USD touches new annual highs.
Last week, Ethereum price prediction rose from obscurity to march ahead vigorously. The pair started the journey at $380 and touched a new 2020-high of $470, all within a span of 5 days. That is a massive move considering ETH/USD volumes were relatively muted and Ethereum price prediction was neutral.
Unfortunately, the bullish Ethereum price prediction was greeted by resistance at the $470 level, where the sellers booked profit. Despite a slight bearish move downwards, the bullish technical picture is still very much in play. The pair is likely to trade sideways for the next few hours and then follow the global markets and Bitcoin in what could be a customary celebration in the world markets.
ETH/USD 4-hour chart – High hopes from rising trend channel bring $500 in the picture
Bulls have high hopes as technical indicators all line up beautifully to support the further upward move in Ethereum price prediction. The pair found strong support around the $425 region during yesterday’s swift fall. The quick rebound helped stabilize the pair and took the price above $455, where the .786 Fibonacci retracement stands.
Looking ahead, the bulls must close the weekend above $450 to confidently re-establish the bullish trend. The .886 Fibonacci retracement is the next big hurdle to cross and lies at $462. Remember, the pair was rejected from this resistance yesterday. Next formidable resistances are $475, $490, and the psychological barrier at $500.
On the downward side, the pair finds support at $439, $421, and then at $410. Any sharp move by the bears will be arrested by these support forts. Speaking of technical indicators, the RSI is fairly neutral. However, the Stochastic RSI is on the verge of creating a bearish crossover, and further profit booking around higher resistance levels cannot be ruled out.
ETH/BTC price prediction – Pair trades sideways without substantial movement
The key support levels for ETH/BTC remain at 0.0291 and 0.0278 level. The pair is finding it difficult to cross the 0.03 BTC mark as sellers are creating heavy pressure resulting in large-scale profit booking. Even the sharp move in ETH/USD was unable to put the price above 0.03 BTC.
The 200-day EMA of the ETH/BTC pair lies at 0.03 BTC, which is further complicating the matters for the bulls. The pair has been rejected thrice from 0.03 BTC and is unlikely to cross this massive resistance in the near term.
Ethereum price prediction for November is highly bullish
As Bitcoin price touches $16,000 vicinity, crypto enthusiasts are looking for more crypto positive signs to go long. And Ethereum looks all set to deliver on the promise. The heightened movement in the ETH/USD pair in the past few days reflects that the pair is ready to enter higher price realms on the back of strong fundamentals.
Ethereum underperformed Bitcoin in October. Primarily, there are two reasons to expect a huge move in the Ethereum price. First, the market is getting ready for the ETH 2.0 deployment, where large-scale performance improvements will drive up efficiency. Secondly, ETH/USD pair recently blew past major critical resistances on the daily timeframes confirming the bullish undertones. Also, the altcoin market usually follows Bitcoin’s bullish trend meaning an ETH rally is overdue.
As Bitcoin rallied approximately 33 percent in the past three weeks, the higher price is forcing investors to explore opportunities in altcoins. Even though whales are accumulating BTC, day traders are looking for value propositions. Hence, capital is expected to move into altcoin when BTC crosses further higher levels. This is evident from the rise in the DeFi market in the past 48 hours.
The euphoria around ETH 2.0 will further propel Ethereum price prediction into higher realms. The successful mainnet launch boosts the sentiment around ETH. Both ETH/USD and DeFi will benefit collectively from ETH 2.0 launch.
Ethereum price prediction conclusion – November can be ETH’s watershed moment
Looking ahead, the bulls have proven that $450 fort is held strong. The pivot point will be crucial to approach higher resistances at $370. Sellers can take control in case the price drops to $430, with a broader decline in the altcoin sphere.
The anticipation of the upcoming ETH 2.0 launch will augur well for ETH/USD pair. As Asian markets open tomorrow, the liquidity will rise, and the pair will challenge higher levels at $470. With $500 within easy range, Ethereum price prediction is all set to enter uncharted territory.
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