Over the last 24 hours, the overall market has been in the red, with Bitcoin down 1.48 percent. In the meantime, Ethereum is down 0.46 percent. Ethereum fell below $4,100 in the afternoon on Thursday, extending its slide into the third day.
Ethereum has given up early gains, making for a mixed morning. This week, bearish momentum in the Ethereum price has returned. After a multi-week surge finished on November 9th with a new all-time high of $4,840, a strong reversal ensued.
The bears, on the other hand, are placing extra pressure on price, and if the bulls fail to maintain this level, it might lead to another crash. In recent weeks, the second-largest cryptocurrency has achieved multiple new all-time highs.
Huge Rally for ETH by Year-End?
A “spooky” Ethereum (ETH) chart, according to Real Vision CEO Raoul Pal, shows that the second-largest crypto asset by market size could see a massive rise by the end of the year.
Pal drew a current chart of ETH’s price movement over the last three months atop a chart of Bitcoin’s (BTC) price movement throughout 2017.
To his 774,700 Twitter followers, the former Goldman Sachs executive argues that the shape of the two graphs is quite similar.
“I have been showing this spooky chart of ETH now vs BTC in 2017 in various forms. This is my live CIX (Crypto Index) on Bloomberg…. even nailed this sell-off….to the day and price. What happened next? A 300% rally. From tomorrow (ish).”
Pal forecasts a 100 percent to 300 percent increase for ETH by the end of the year, though he doesn’t expect it to track BTC’s price action exactly.
“There is no such thing as certainty.” After that, it’s more difficult to say, but I believe it will likely lengthen and result in much higher costs.”
For the Bitcoin Maxi’s: when ETH launched it was at 0.0007BTC. 6 years later, it is at 0.07. That is 100x vs BTC over the period you called it a shit coin.
The whole Pfeffer argument of utility value goes to zero has been proven wrong due to network effects
Facts matter. 1/— Raoul Pal (@RaoulGMI) November 14, 2021
Ethereum Price Analysis: ETH spikes back to $4,400, bulls not yet ready to break higher?
- Ethereum price analysis is bearish today.
- ETH/USD retested support at $3,950 yesterday.
- Spike to $4,400 seen overnight.
Ethereum price analysis is bearish today as we expect further downside to follow after a failure to breach above the $4,400 resistance earlier today. Since then, ETH/USD has moved into a consolidation, likely as bears prepare to push the market lower once again.
The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leader, Bitcoin, has increased by 4.83 percent, while Ethereum by almost 6 percent. Meanwhile, most of the top altcoins follow with similar results.
Ethereum price movement in the last 24 hours: Ethereum quickly gains 10 percent, finds resistance below $4,400 again
ETH/USD traded in a range of $3,989.97 – $4,370.54, indicating strong volatility over the last 24 hours. Trading volume has spiked by 45.82 percent, totaling $19 billion, while the total market cap trades around $512.6 billion, resulting in a market dominance of 19.99 percent.
ETH/USD 4-hour chart: ETH consolidates before another drop?
On the 4-hour chart, we can see the Ethereum price consolidating below the $4,400 mark after a sharp spike higher earlier today as bears prepare for another push lower.
Ethereum price has seen strong volatility over the past weeks after a sharp drop from the previous all-time highs was seen around 15-18th of November. Support was found at $3,950, with a higher low set last Monday, potentially indicating bullish momentum forming.
After setting a strong higher high at $4,550 on the 25th of November, ETH saw a strong selloff early last Friday. Support at $3,950 was tested again, with the price briefly moving below it this time.
After some reaction higher, further tests of downside were rejected yesterday. Ethereum price quickly reversed overnight, moving above the $4,200 mark until the $4,400 resistance was reached. Since then, we have seen consolidation below the resistance, indicating a reversal could be seen back to the downside later today.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as we expect the current spike higher to end at the $4,400 current resistance, leading to move lower again over the next 24 hours. Therefore, we expect ETH/USD to have established another lower high, likely leading to a retest of previous lows later this week.
While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.
Ethereum Price Analysis: ETH is not yet ready to move higher as $4,350 still holds.
- Ethereum price analysis is bearish today.
- ETH/USD rejected upside below $4,350.
- ETH saw selling pressure return this morning.
Ethereum price analysis is bearish today as the upside was rejected at $4,300 after a slight rally yesterday. Therefore, we assume ETH/USD will move lower again to retest previous lows over the next 24 hours.
The overall market traded in the red over the last 24 hours, with Bitcoin down by 1.48 percent. Meanwhile, Ethereum lost 0.46 percent, while Crypto.com Coin (CRO) dominated the market, with a gain of over 17 percent.
Ethereum price movement in the last 24 hours: Ethereum peaks below $4,350, reverses again
ETH/USD traded in a range of $4,148.86 – $4,343.56, indicating a moderate amount of volatility over the last 24 hours. Trading volume has declined by 28.47 percent and totals $17.25 billion, while the total market cap trades around $501 billion, resulting in market dominance of 19.24 percent.
ETH/USD 4-hour chart: ETH tests downside
On the 4-hour chart, we can see the Ethereum price action moving lower again as the upside was rejected, likely leading to a test of previous lows later today.
Ethereum price action has seen bearish momentum return this week. A sharp reversal followed after a several-week rally ended by setting a new all-time high at $4,840 on the 9th of November.
ETH/USD spiked to $4,460, with consolidation in an increasingly tighter range following for several days. On the 15th of November, Ethereum set a higher high before reversing again, leading to a strong lower low set around $4,100.
Since then, the Ethereum price action has slowly attempted to recover, leading to a spike higher overnight. Bearish momentum quickly returned after the $4,350 mark was tested, leading ETH/USD to another move lower so far today.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bearish today as selling pressure has returned after a spike to $4,350 was seen overnight. Therefore, ETH/USD is not yet ready to move higher, likely resulting in the previous lows tested later today.
Ethereum price risks losing $4K on ‘rising wedge’ breakout fears
A selloff in Ether (ETH) on Nov. 16 has increased the chances of its price falling below $4,000.
ETH plunged 10% to around $4,100 amid an ongoing market correction led by Bitcoin (BTC). In doing so, Ether dropped below its fourth-quarter upward trendline support.
ETH/USD also tested its 50-day exponential moving average (50-day EMA; the velvet wave in the chart above) as its new price floor before bouncing higher. The next support line to keep an eye on if the 50-day EMA is broken is somewhere around $3,700.
More declines ahead?
The given ascending trendline comes as a part of a rising wedge, a technical pattern many analysts treat as a bearish reversal signal. It appears when the price fluctuates inside a range defined by two converging, rising trendlines.
Meanwhile, analysts confirm a wedge breakout when the price breaks below the lower trendline and if accompanied by a rise in trading volumes. They typically eye a run down toward the level at a length equal to the widest distance between the wedge’s trendlines.
As a result, Ether has the potential to drop below $3,000, based on the rising wedge setup. Nonetheless, there is a catch.
Retesting ascending triangle resistance as support
Offsetting the bearish reversal setup brought forth by the rising wedge structure is an ascending triangle, which puts Ether at around $6,500 by the end of 2021.
The bullish setup emerges as the price of ETH retests the triangle’s resistance level as support days after breaking above it. Such a move typically removes weak hands from the market and creates opportunities for traders/investors with a long-term upside outlook based on the asset’s strong underlying fundamentals.
Therefore, Ether’s latest pullback may end up exhausting as ETH price reaches the triangle resistance below $4,000 — also the rising wedge’s lower trendline. Should a rebound follow suit, the price could climb toward $6,500.