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ETH / USD – Ethereum frozen by the September high closing price
Key Support Levels: $ 445, $ 439, $ 430.
Key Resistance Levels: $ 475, $ 490, $ 500.
Ethereum managed to climb higher from the $ 462.50 resistance (bearish .886 Fib) yesterday as it pushed into the $ 475 resistance provided by the September closing price. Unfortunately, the coin was unable to continue beyond $ 475 and has since dropped to the $ 460 level.
Despite today’s healthy price drop, Ethereum is still in an uptrend after creating the new November highs at $ 475 yesterday. Once this level is breached, ETH could be well on its way to breaking the $ 500 level again.
ETH-USD short term price prediction
Looking ahead, if buyers can regroup and push higher, the first resistance level is at $ 475. On top of that, resistance is expected at $ 490, $ 500, and $ 511.
On the other hand, if the sale continues below $ 460, additional support is found at $ 445, $ 439 (August 2018 highs), $ 430, and $ 421.
There is a bearish divergence between the RSI and the price action. As ETH makes a higher high, the RSI has made a lower high to signal divergence and a potential retracement to come. Furthermore, the Stochastic RSI is overbought and is poised for a bearish crossover signal.
ETH / BTC – Buyers fail to break out of the 200 day EMA
Key Support Levels: 0.0284 BTC, 0.0278 BTC, 0.0272 BTC.
Key Resistance Levels: 0.0295 BTC, 0.03 BTC, 0.0305 BTC.
Against Bitcoin, ETH has struggled to break the resistance at the 200-day EMA so far in November. The coin recently headed towards support at 0.0284 BTC (Feb 2020 highs) and bounced back yesterday.
After the rebound, ETH continued to rise above 0.029 BTC, but has since fallen below the current level of 0.0288 BTC.
ETH-BTC short term price prediction
Looking ahead, if sellers push down again, the first support level is at 0.0284 BTC (Feb 2020 high). Below that, support is found at 0.0278 BTC, 0.0272 BTC and 0.0267 BTC (November lows).
On the other hand, resistance is first found at 0.0295 BTC (200-day EMA). On top of that, resistance is expected at 0.03 BTC, 0.0305 BTC and 0.031 BTC (100-day EMA).
The RSI struggled to break out of the midline to indicate that buyers are struggling to take control of the market momentum. Furthermore, the Stochastic RSI is also overbought and ready for a bearish crossover signal.
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