As a seasoned researcher with over two decades of experience in financial markets and cryptocurrencies, I find myself intrigued by the current state of Ethereum (ETH). With the upcoming US elections adding an element of uncertainty to the markets, it’s challenging to predict the short-term trajectory of ETH. However, based on my analysis, it appears that Ethereum is currently in a precarious position.
On Tuesday, November 5, Ethereum‘s price increased by 1.22%. However, there’s speculation about whether this upward trend will persist or if it could plummet further. The upcoming US elections may introduce more market turbulence, but the immediate forecast is clouded with uncertainty. As we delve deeper, we want to examine if Ethereum has reached a low point and might recover or drop even lower, extending its subpar performance in 2024.
Analyst Ponders if Ethereum Price Could Bounce?
On social media platform X, IncomeSharks – a well-known analyst – shared insights about the On Balance Volume (OBV) indicator, which is steadily moving upward. This bullish outlook aligns with the Super Trend indicator that has been supporting Ethereum’s price since October. If this trend persists, there’s a possibility that the Ethereum price could establish a base and rebound, potentially marking the start of a reversal from the current downtrend.
Although IncomeSharks remains optimistic about Ethereum’s potential for a price reversal, other analysts like ColdBloodShiller (CBS) seem less bullish. On the social media platform X, CBS recently shared his Ethereum short setup.
Based on CBS reports, the price of Ethereum is currently at a potentially unfavorable position, possibly forming what’s known as a “higher low.” He explained his pessimistic viewpoint due to the resistance shown by the RSI (Relative Strength Index) on both weekly and short-term charts. Furthermore, the upward trendline that had been supporting Ethereum’s growth since September 2024 was also broken.
ETH Price Analysis: Ethereum In Precarious Position
Over the last 90 days, the price of Ethereum has stabilized within a range, with significant trading activity occurring between approximately $2,432 and $2,689. This broad trading zone accounts for about 70% of the total volume exchanged over the past three months. Notably, the most actively traded level is at around $2,620, which is also known as the Point of Control (POC).
The fall in price has pushed Ethereum below the vital support of $2,432 for now, yet a recent increase suggests it might bounce back if it manages to surpass that level. However, given the upcoming US elections, it’s highly improbable that Ethereum will maintain its upward trend. A refusal at $2,432 may initiate a 12% drop to $2,136. Intensified selling could cause ETH to fall to $1,924.
Instead, if the price rises beyond $2,432 and successfully reverses at that level, it may pave the way for potential growth towards $2,689.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- TON PREDICTION. TON cryptocurrency
- USD PHP PREDICTION
- USD ZAR PREDICTION
- ENA PREDICTION. ENA cryptocurrency
- Top gainers and losers
- WELSH PREDICTION. WELSH cryptocurrency
2024-11-05 10:47