Technical Analysis for ETHUSD for 10th November 2021
Ethereum at Around New 2021 Territory, Will ETH/USDT Rally Past $4.8k?
Past Performance of ETH
The Ethereum price is one of the top performers week-to-date. The ETH/USDT daily chart of CryptoAltum shows that the coin is trading at around all-time highs registered on November 8 at around $4.8k.
Although there has been a cool-off, ETH buyers are in a commanding position and gains near perpendicular.
What to Expect of ETH
The ETH/USDT price is within a bullish breakout pattern, and ETH buyers are squarely in control.
As long as prices are trending within the November 8 bull bar and most importantly above $4.4k—previous resistance now support--, every low may present entries for ambitious, risk-off traders.
In a buy trend continuation pattern, the short-term target lies at above $5k.
Ethereum Technical Analysis
Buyers are confident, banking on supportive candlestick arrangements as visible in the daily chart and solid fundamental factors.
As mentioned earlier, ETH/USDT is trading in a bullish breakout pattern.
Bullish, the close above $4.4k was with high trading volumes, which continues to propel buyers.
Judging from price action, ETH buyers may close above $4.8k in a buy trend continuation pattern to $5k—or better—provided buyers sustain the coin above $4.5k.
A break below this mark may see ETH/USDT retrace back to $4k—or lower.
Resistance level to watch: $4.8k
Support level to watch: $4.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.