Connect with us
Active Currencies 14822
Market Cap $2,381,179,430,042.70
Bitcoin Share 50.67%
24h Market Cap Change $1.02

Ethereum long-term Price Analysis: 17 November

2min Read

Share this article

Ethereum is currently consolidating above $460 over the past couple of days. On 15th November, the asset did re-test a low below $450 but now it looks lively again for a rally upwards. However, amidst such a bullish scenario, it continues to be difficult to ignore the bearish signs that were evident in the analysis.

Ethereum 12-hour chart

Source: ETH/USD on Trading View

Observing Ethereum’s price direction since the middle of September, the major takeaway is its strong consolidation above the support of $365. This might go down to play a crucial role as the asset continues to ascend higher.

However, just like Bitcoin, Ethereum is currently due for a correction. Its movement within the ascending broadening wedge has registered adequate lower highs and higher highs with the pattern. While the trend remains strongly bullish on all sides of the market, Ethereum faces its last resistance at $489 before illustrating another new high for 2020.

There is no doubt Ethereum may rally forward in the coming weeks, but over the next week, if it fails to clear above $489, we might witness an earlier correction. A key bearish indication isĀ  thecurrent divergence taking place between its price movement and the trading volume.


Source: ETH/USD on Trading View

Market Indicator indicated a similar outlook. Relative Strength Index or RSI indicated a bullish momentum, but sellers may lock in profits anytime in the markets. Awesome Oscillator is suggestive of a rising bearish momentum as red candles emerged in the chart.

Lastly, On-balance volume is currently over-exposed and reaching similar levels before the September collapse. As mentioned already, sellers are primed to take in profits at the moment.

Important Range

Resistance: $489, $480
Support: $400, $440, $360
Entry for Long or Short: Risky to take any direction


Ethereum might be looking at a correction phase but it is still risky to enter a long or short position at the moment. Price Volatility is high and the pullback can take place at any price point.


Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.