ETHUSD Forecast: Ethereum Price Eyeing Bullish Rally

November 06, 2018 | AtoZ Markets

The second largest cryptocurrency– Ethereum in terms of market cap after Bitcoin is trading on bullish note today. At the time of press, Ethereum price is trading near $212 levels with a market cap of 21.89 Billion according to data. The 24-hours trade volume is $67.38 Million.

In the last 1 Week, the price of Ethereum has surged by $ 17.54 (8.95%) with a total volume of over $ 396.27 Million. The highest price of the coin, $ 218.16 , was on 04 November 2018 at 20:00 GMT. Ether's lowest price, $ 192.45, was on 31 October 2018.

Ethereum Price Technical Analysis

Yesterday the price of Etheruem has surged by 2%. The ETHUSD pair traded near $215 levels but failed to cross the strong resistance. Soon, Ethereum price started a downward correction after trading to the weekly high at $218 against the USD. The ETHUSD pair declined and traded below the $215 and $210 support levels.

According to Fibonacci retracement charts, there was even a rise below the 61.8% Fibonacci retracement level of the last wave from the $200 low to $218 highs. However, the price stayed above the $205 support levels and the 100 hourly SMA.

Moreover, the price is trading above the $208 level and it seems like it is preparing for more gains. More importantly, there is a major breakout pattern formed with resistance at $209 on the 1H chart of ETHUSD pair. The pair is likely to clear the triangle resistance and then $210 for a fresh upside move. In the mentioned case, the price may well trade higher towards the $215 or $218 level.

On the other hand, if there is a downside break, the price could retest $205 mark. Besides, the 76.4% Fibonacci retracement level of the last wave from the $200 low to $218 high is a decent support at $204.

Looking at the chart, ETH price is placed nicely in an uptrend above $205. Therefore, there are high possibilities of a fresh bullish move above $220 levels in the near term.

Ethereum Daily Pivot Point

Ethereum price is holding a strong daily support at $210 and resistance near $215 levels.

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