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Ethereum price prediction: Traders can expect the price to reach $500

TL:DR Breakdown

  • Ethereum price currently trading at $474.04.
  • Price continues movement in the ascending channel.
  • Price is expected to cross $500 level in the next two days.

Ethereum price prediction: Today’s price overview

Ethereum price opened at $482.79 with high bullish momentum. The buyers seemed to be in control of markets but failed to break through the resistance level. After rejecting the price declined sharply and has been consolidating since. Currently, the price is trading at $474.07, showing a 1.8 percent decline from the day’s opening price.

Ethereum price: last 24 hours’ overview

Ethereum price prediction: Traders can expect the price to reach $500 1

Ethereum price opened the day, continuing the bullish momentum of yesterday. However, the bulls faced resistance at $488.00, as shown by the first arrow, and failed to break through. However, the bulls defended the $484.00 level and charged above. After breaking through above $492.00, the buyers met strong resistance shown by the second arrow.

The price was strongly rejected at the level which erased the gains of the past several hours. Since then, the bulls have been unable to retain control of the price, and the price has been consolidating below $483.

On the technical indicators, the MACD 4C started the day, indicating strong bullish momentum. However, the indicator suggested bullish exhaustion, which was solidified at 05:00 UTC. The MACD 4C started showing bearish momentum that has only grown in recent hours. However, the bulls defended a significant support level at 15:00.

If buyers defend the support level, the bearish momentum might die soon. The RSI currently has a value of 45, showing a weak bearish trend, while the MACD 4C shows signs of a turnover. The next 60-90 minutes would determine the future movement of the price across the 30-minute candles.

ETH USD 1-hour chart

Ethereum price prediction: Traders can expect the price to reach $500 2

The above chart shows the price action of ETH/US between 15:00 and 16:00 UTC

Ethereum price started the hour with a strong bearish movement. However, as seen in the declining size of the red candlesticks, the bears showed exhaustion. The buyers managed to defend the support level at $465.50 and managed to elevate the price for the next few candles. The bears were also not done yet as they fought back at $475.00. However, the bulls remained in control of the price action, and the bearish movement was soon erased.

On the technical indicators, the MACD 4C and the RSI showed a growing bearish momentum for the first 15 minutes of the hour. The RSI is still healthy and suggests that the bearish movement might continue. On the other hand, the MACD indicator has turned bullish and suggests movement upwards.

ETH USD November chart

 

Ethereum price prediction: Traders can expect the price to reach $500 3

Despite starting the month with little to no bullish momentum, the price action found support around $370. On November 3, the buyers initiated a bullish rally with the price ascending above within the next four days. However, the buyers did not manage to continue the trend, and the price has been consolidating inside an ascending channel as depicted in the chart above.

On the technical indicators, the RSI remained healthy until November 6, when it started showing overbought conditions. The price action soon reacted with an initial rejection followed by the slow movement in the ascending channel. Currently, the RSI is in neutral territory, suggesting potential upwards movement.

The MACD 4C started the month with slight bearish movement, with a turnover following soon. Since then, the indicator has remained bullish, with a slight turnover on November 16.

With the healthy RSI and the MACD 4C in bullish territory, the price can be expected to continue moving in the ascending channel. If the trend continues, the price will reach the $500 level before November 20

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