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Technical Analysis for ETHUSD for 2nd November 2021

Ethereum is Deflationary, will ETH/USDT Surge to New All-Time Highs above $4.4k?

ETH has been a deflationary token for the past seven days, on-chain data shows. This scarcity coinciding with the ultra-high demand for block space is why analysts believe the coin would easily print new all-time highs.

Past Performance of ETH

Ethereum prices are within a bullish breakout pattern and may print new all-time highs above $4.4k. When writing, ETH is outperforming the USD and stretching gains versus BTC.

What to Expect of ETH

Technical candlestick arrangement in the daily chart points to strength. 

The tepid price action of the weekend has been replaced with excitement, rewinding losses. 

In the days ahead, if ETH bulls are successful, blasting above $4.4k and October highs, analysts expect the coin to easily float to $5k. 

Meanwhile, $4k—the psychological round number is the immediate support level.

Ethereum Technical Analysis

As per the ETH technical analysis, buyers are in a commanding position. 

The middle BB—the 20-day moving average is the flexible support line, and the ETH/USDT march is almost perpendicular. 

Judging from price action, every low may be a loading opportunity for aggressive traders targeting $4.4k—or below. 

However, an unexpected dump below $4k may slow down bulls, even triggering a sell-off that may take ETH down to $3.8k in a retest.

Resistance level to watch: $4.4

Support level to watch: $4

Disclaimer: Opinions expressed are not investment advice. Do your research.

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