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- Ethereum price traded above the critical level, which bodes well for the bulls.
- Again buyers see ETH price propagating above the 20 DMA on the 4-hours price scale.
- Ethereum price is up a little over 1% against the bitcoin pair at 0.7683 satoshis.
Ethereum price has bottomed out for a short-term outlook. The crypto market appears to be stable as the overall crypto market cap rose by 1.83% overnight. The market cap remains above $1.03 trillion, prompting a renewed interest in investors.
According to Coinglass, buyers are ready to hold the price of Ethereum. As a result, positivity spreads in the market and crypto prices move higher. The long/short ratio was 0.85 on November 3, which increased to 1.17 in the intraday trading session. According to this positive sign, ETH price may soon retest its previous highs.
At the time of writing, Ethereum price is trading at $1580 against the USDT pair. Since last night, buyers continue accumulating the second largest cryptocurrency. In the intraday trading session, ETH price trades higher along with 3.1% gain. Moreover, ETH price concerning to the Bitcoin pair is up 1% at 0.7683 satoshis.
Amid the price retracement phase, Ethereum price was underperforming under the falling parallel channel (above the chart). Today buyers pushed the price above this selling zone. Again buyers propel ETH price above 20 DMA. buyers have multiple resistance levels ahead like $1600, $1650 and $1700. In contrast, $1500 has a key support level for trend changing levels.
Due to change in trend, trading volume decreased by 89% overnight, reported at $13.5 billion. As of now, buyers hold ETH crypto above 100 day moving average and the next target is 200 DMA. The daily RSI present at 62 mark, displays positive trend.
Conclusion
Ethereum price noted inverted hammer candle last night, strong bullish indication for higher territory. As per coinglass, the long positions are higher than the shorts. Now bulls aim to hit the 200 day moving average in upcoming trading sessions.
Support level – $1500 and $1400
Resistance level – $1650 and $1800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
