Bitcoin
BTC$61 042.69

0.62%

Ethereum
ETH$4 117.18

3.66%

Binance Coin
BNB$483.09

1.03%

Cardano
ADA$2.16

0.08%

Tether
USDT$1.000381

0.04%

Solana
SOL$196.57

-0.49%

Ethereum (ETH): Bullish Despite a Short Pullback


It’s our firm conviction that Ethereum (ETH) probably has one of the strongest bullish biases on the macro scale, compared to other top altcoins, as well as the promising ones. Perhaps there’s no need to reiterate that this conviction is based on Ethereum’s fundamental value that is going to increase exponentially once Ethereum 2.0 gets properly launched. This would be a monumental event for the entire crypto industry, though it’s unlikely to happen this year as the developers have allegedly just released the deposit contract, with the beacon chain genesis remaining in the works.

But even with the constant delays, which is sort of a habit of the Ethereum Foundation, justified only by the sheer scale of the challenge, the second cryptocurrency has been doing extremely well in terms of gains and price action:

The buyers must hold the support

Year-to-date ETH/BTC comparison chart

It’s evident from the YTD chart above that Ethereum’s relentless strive to the upside after the March market meltdown has been cooled off a bit by Bitcoin’s performance in the last few weeks, though the difference in gains between these two remains striking.

However, the chart also shows that ETH had been forced to consolidate for the past two months, with support at $340 and resistance at $377, which has already been broken to the upside.

1-month ETH/USDT chart

Ethereum still has a very healthy bullish outlook upon establishing the two-year high at $499, though we do see a signal of looming correction, provided by Stochastic that has crossed to the downside from the overbought area, suggesting that the bearish momentum is acquiring pace, despite the last two monthly candles being green.

Nevertheless, this move on the part of the indicator won’t be confirmed while the price holds above the diagonal support at $368 and would be negated if the current or the following candle closes above $438 and the 23.6% level on the Fibonacci retracement grid.

Key price level on this time frame:

1-week ETH/USDT chart   

The weekly chart, however, shows that ETH is struggling to make a decisive break out of the wider range between $353 and $431 on the backdrop of diminishing trading volume and the falling Stochastic. At the same time, the Bollinger Bands remain wide open, so traders should brace themselves for periods of increased volatility and have a stop-loss in place to avoid being left hanging with a losing position if Ethereum is to travel southward.


Key price levels:

1-day ETH/USDT chart

On the daily chart, we see that ETH is traveling within the confines of the ascending channel, which provides for comfortable trading. The bullish candle on November 4 is engulfing the price action from the past seven days. If that candle closes above $404, we might witness a strong rally to $450, which coincides with the 78.6% Fibonacci retracement level.


Key price levels:

Author: Alex Paulson for Crypto-Rating.com

Related

The Best Altcoins to Have in Your Cryptocurrency Portfolio in 2021
The Best Altcoins to Have in Your Cryptocurrency Portfolio in 2021
Non-Fungible Tokens: What Stands Behind the Recent Crypto Mania?
Non-Fungible Tokens: What Stands Behind the Recent Crypto Mania?
Ethereum Price Prediction for 2025 and 2030: Could Ethereum 2.0 Become a Game-Changer?
Ethereum Price Prediction for 2025 and 2030: Could Ethereum 2.0 Become a Game-Changer?
Ethereum (ETH) Is Back to Bullish Way After Resistance Breakout
Ethereum (ETH) Is Back to Bullish Way After Resistance Breakout
Ethereum (ETH): The Outlook is Changing to Bearish
Ethereum (ETH): The Outlook is Changing to Bearish
Ethereum (ETH) Clings to Resistance Amid Bearish Pressure
Ethereum (ETH) Clings to Resistance Amid Bearish Pressure
Ethereum (ETH): Hardly Anything Can Extinguish Its Bullishness
Ethereum (ETH): Hardly Anything Can Extinguish Its Bullishness
Ethereum (ETH) Goes For a Big Upside Push
Ethereum (ETH) Goes For a Big Upside Push
Ethereum (ETH): Another Delay Causes a Pullback
Ethereum (ETH): Another Delay Causes a Pullback

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 64% 72 $61 042.69 0.62% 0.36% $1 150 794 336 311 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 55 $4 117.18 3.66% 7.58% $486 030 676 596 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 73.2% 57 $483.09 1.03% 3.50% $80 579 954 221 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 91.2% 14 $2.16 0.08% -1.18% $71 002 197 011 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000381 0.04% 0.03% $69 600 606 049 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 70.4% 52 $196.57 -0.49% 24.39% $59 131 401 979 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 76% 49 $1.088980 0% -4.47% $51 123 615 596 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 60.4% 77 $43.78 0.35% 4.61% $43 239 027 943 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 72% 56 $0.248946 1.22% 4.69% $32 814 608 422 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000560 0.03% 0.06% $32 561 971 437 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 70.4% 62 $42.85 -2.61% 17.12% $17 200 813 172 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 77.2% 42 $26.67 4.27% -0.87% $16 312 283 765 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 68% 61 $65.25 0.30% 13.12% $14 373 086 792 AVAX 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 77.6% 48 $30.88 7.84% 13.15% $14 233 972 483 LINK 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 64.8% 71 $61 137.09 0.71% 0.47% $13 559 759 340 WBTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.