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Ethereum long-term price analysis: November 17

Ethereum has been on an upward trend since September, so a correction now would not be a surprise

Ethereum is consolidating above $ 460 in the past few days. On November 15, the asset tested a fund below $ 450 again, but now it looks excited again for a bullish run. However, in the midst of this bullish scenario, it remains difficult to ignore the bearish signals that were evident in the analysis.

12-hour Ethereum chart

Source: ETH / USD via TradingView

Looking at Ethereum’s price direction since mid-September, the main conclusion is its strong consolidation above the $ 365 support. This may decline and play a crucial role as the asset continues to rise. However, just like Bitcoin, Ethereum needs a correction.

While the trend remains strongly high on all sides of the market, Ethereum faces its last resistance at $ 489 before illustrating another new high for 2020.

There is no doubt that Ethereum may recover in the coming weeks, but next week, if it fails to clear over $ 489, we may witness a correction to previous levels. A key downward indication is the current divergence between the price movement and the trading volume.

Justification

Source: ETH / USD via TradingView

Market indicators show a similar perspective. The Relative Strength Index or RSI indicated bullish momentum, but sellers can lock in profits at any time in the markets. Awesome Oscillator is suggestive of a bearish momentum with the appearance of red candles on the chart.

Finally, On-balance volume is overexposed and reaching similar levels before the September collapse. As already mentioned, salespeople are prepared to make profits right now.

Important regions

Resistance: $ 489, $ 480
Support: $ 400, $ 440, $ 360

Conclusion

Ethereum may be in a correction phase, but it is still risky to go long or short at the moment. The volatility is high and the retraction can occur in any price range.

Source: AMBCrypto

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