Ethereum has become volatile and corrective after breaking above $450 psychological area. Ethereum sustains over $450 area as the dynamic level holding the price as support. Bulls to continue further? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
November 13, 2020, | AtoZ Markets – The price of Ethereum is battling against both Bitcoin and the U.S. dollar freshly, while Bitcoin is surging with strong momentum. A comparable bias happened all through October when Bitcoin rose while Ethereum deteriorated for a delayed period. The most probable purpose for the stagnancy of Ethereum in the midst of a progressing Bitcoin rally is Bitcoin cleaning off the volume from the cryptocurrency market. Ethereum is currently trading around $460 area and quite indecisive. The bulls pushed the price upside with the support of the dynamic level of 20 EMA, according to the intraday chart. As per the current price action, the price may retrace downward towards the Kijun line and the Tenkan line in the coming days.
Ethereum Sustains Over as Investors Are Still Optimistic
ETH is currently reading near $460 area and trying to push downside. Moreover, the price is currently facing strong resistance around $470 to $475 area.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum sustains over and currently trading around $460 area. As per the current price action, if the price can have an impulsive bullish candle close above $470 to $475 area, Ethereum may sustain the bullish trend towards $485 to $490 area in the coming days. Alternatively, if the price pushes downside and breaks below $450 to $445 area, the bears may regain momentum and decline towards $420 to $415 area in the process.
In addition, the dynamic level of 20 EMA is currently residing below the price. It may carry the price as strong support. Also, the MACD lines are currently residing above the 0.00 level. It indicates that bulls are still in the market may recover further.
ETH May Revert Back to the Mean
According to the daily chart, Ethereum sustains above as investors are optimistic. As per the current scenario, if the price can have an impulsive bearish candle close and breaks below the last candle’s low, the bears may decline towards $420 to $415 area in the process. So, if the price reaches $420 to $415 area and bounced upside, the bulls may sustain the bullish bias towards $485 to $490 area as a first target. The second target will be $545 to $550 area if the price breaks above $485 to $490 in the days ahead.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. The dynamic level may pull the price down as a mean reversion. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
To conclude, after an impulsive bullish momentum, ETH may retrace at least towards the dynamic level. A daily close is required to identify the definite momentum in the days ahead.