Ethereum, the largest and foremost altcoin of the crypto market, is seen trading a dollar below $400 after beaching $400 in the wee hours of the trading session today. Alongside this, it was in the last week of the previous month when ETH price beached above $400 after 7- 8 weeks of trading below the immediate resistance.
Moreover, the major altcoin is facing two major resistances after $400 at $421 and $488, wherein the latter happens to be major resistance and is the YTD high, after which the coin faced complete rejection and a volatile movement.
— Lark Davis (@TheCryptoLark) November 4, 2020
The major cryptocurrency—Bitcoin, is also breaching a 35-month resistance and hits a fresh high. Therefore, the 2nd most crypto of the global market is seen trading in green with an influence from BTC’s price movement.
Ethereum is believed to be an investment of the long-term, and after having breached $400, the price pulled back as low as $369 at the onset of the ongoing month. Alongside, ETH has been trading with volatile traction for the past two months now, right after hitting the YTD high at $488.
Ethereum Price Analysis
Ethereum, at the time of penning down this analysis, was seen trading at $399 after experiencing an intraday pullback from trading above $405. Moreover, since the last week of September, ETH was seen drawing an uptrend and marked a higher high pattern where the coin could only manage to rise as high as $421 and lacked momentum thereafter.
The price trend is not breaching any extremities on the Bollinger Bands, and we do not expect any volatile breakout in the near-term. The currency is holding strong support of MA50 & MA200 due to no steep correction.
The MACD is drawing a slight bearish crossover on the daily chart due to price pullback after having traded above $400. The RSI of Ethereum is away from breaching the extremities and is lying at 55.71.