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Technical Analysis for ETHUSD for 10th November 2021

Ethereum at Around New 2021 Territory, Will ETH/USDT Rally Past $4.8k?

Ethereum layer-2 TVL is taking off, managing over $5 billion. Meanwhile, Discord could integrate Ethereum accounts reading from its CEO's recent tweet.

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.

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