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    Home » ETH » ETH Rebounds After 10% Plunge, Is $500 Still In Sight? (Ethereum Price Analysis)

    ETH Rebounds After 10% Plunge, Is $500 Still In Sight? (Ethereum Price Analysis)

    Author: Yaz Sheikh

    Last Updated Nov 8, 2020 @ 14:04

    Ethereum saw a 3.8% decrease over the past 24 hours as it dropped to the $445 level. ETH has formed a rising trend price channel that spans over the last two months. Against Bitcoin, the cryptocurrency scratched the 0.03 BTC level yesterday but could never close above it.

    ETH/USD – Ethereum Forms Rising Price Channel

    Key Support Levels:$438, $430, $421.
    Key Resistance Levels: $445, $462, $475.

    Last week, Ethereum surged from a low of $380 to break above $400 and reach as high as $470 yesterday. Unfortunately, the buyers met resistance at the upper boundary of a rising price channel that spans over the last two months and fell lower from here yesterday.

    During the drop, Ethereum found support at $425 and rebounded higher to reach $445 today (bearish .786 Fib Retracement). The coin remains strongly bullish, and it would need to drop back beneath $410 to turn neutral again.

    ethusd-nov8
    ETH/USD Daily Chart. Source: TradingView

    ETH-USD Short Term Price Prediction

    Looking ahead, if the bulls can break $445, the first level of resistance is located at the upper boundary of the price channel. The bearish .886 Fib Retracement further bolsters this resistance at $462. Above this, resistance lies at $475 (September high-day closing price), $490, and $500.

    On the other side, the first level of support lies at $439 (August 2018 Highs). Beneath this, support is found at $430, $421, $416, $410, and $400.

    The Stochastic RSI is in the process of producing a bearish crossover signal that is likely to put downward pressure on the market.

    ETH/BTC – Bulls Struggle To Break 200-days EMA Resistance.

    Key Support Levels: 0.0291 BTC, 0.0285 BTC, 0.0278 BTC.
    Key Resistance Levels: 0.0295 BTC, 0.03 BTC, 0.0305 BTC.

    Against Bitcoin, Ethereum found support at the 0.0267 BTC level (downside 1.272 FIb Extension) toward the end of last week. It rebounded from it on Friday to reach as high as 0.0292 BTC.

    Yesterday, BTC pushed higher as it scratched the 0.03 BTC level, but it was never able to break the resistance at the 200-days EMA. The cryptocurrency has since dropped slightly but is holding the support at 0.0291 BTC (.236 Fib Retracement).

    ethbtc-nov8
    ETH/BTC Daily Chart. Source: TradingView

    ETH-BTC Short Term Price Prediction

    Looking ahead, if the bulls rebound from here and break beyond the 200-days EMA at 0.0295 BTC, the first level of resistance lies at 0.03 BTC. Above this, resistance is found at 0.0305 BTC and 0.0311 BTC (100-days EMA).

    On the other side, if the sellers push beneath the 0.0291 BTC level, support lies at 0.0285 BTC (Feb 2020 Highs), 0.0278 BTC, and 0.0272 BTC (.786 Fib).

    The RSI is trading along the mid-line to indicate indecision within the market. If it falls beneath the mid-line, the sellers will take control of the momentum and likely push ETH lower.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    About The Author

    Yaz Sheikh View more posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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