Ethereum Revisits $1,600 Level as Sellers Resurface at the Recent High PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Ethereum Revisits $1,600 Level as Sellers Resurface at the Recent High

Nov 04, 2022 at 12:00 // Price

Ethereum (ETH) is trading above the moving average lines or support at $1,500. The downside move against Ether stalled today. The digital currency has reversed course and is on the way up again.

After being rejected at the high of $1,600, Ether was initially forced to return to the support of $1,400. Today, the cryptocurrency is moving again, this time towards the resistance at $1,600. The altcoin is expected to rise and regain its previous highs of $1,600 and $1,800 if it overcomes the initial resistance. On the other hand, if Ether fails at the $1,600 resistance zone, it would quickly fall to a low above $1,400.

Ethereum indicator analysis  

Ethereum is at level 63 in the Relative Strength Index for period 14, continuing its uptrend. This means that there is a chance that the value of the altcoin will increase. The price bars for Ether are higher than the moving average lines, indicating a potential increase. Ether is in an uptrend above the 60% area of the daily stochastic.

ETHUSD(Daily+Chart+)+-+November+4.png

Technical indicators:  

Major Resistance Levels – $2,000 and $2,500


Major Support Levels – $1,500 and $1,000

What is the next direction for Ethereum?

Ethereum has regained bullish momentum on the 4-hour chart after rising above the moving average lines. As Ether retraces its steps towards the $1,600 level, the bearish scenario is refuted. However, once the value enters the overbought zone, the upside will be restricted.

ETHUSD(4+Hour+Chart)+-+November+4.png

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

  • Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.Click Here
  • Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
  • Source: https://coinidol.com/ethereum-1600-high/

Time Stamp:

More from Coin Idol