Ether Is in a Sideways Move Below $480 Resistance
Following the recent price surge, Ethereum has been in a sideways move between $430 and $460. For the past week, buyers have been able to sustain the price level above $450 support.
The upside momentum has been ongoing as long as the price level remains above $450 high. On November 7 uptrend; buyers were repelled at the $467 high. After a downward correction, ETH rises again to the $450 support. Yesterday, the coin retested the $480 resistance and was repelled.
The biggest altcoin fell to the range-bound zone as the upside momentum resumed. This has been the market scenario in the past week. The bulls have failed to break the $470 resistance convincingly. Ethereum will continue its range bound movement as long as buyers fail to break the initial resistance level. However, the crypto may resume downward if the bulls fail to sustain hold above the $450 support. ETH is trading at $466 at the time of writing.
Ethereum indicator analysis
Ether is above 80% range of the daily stochastic. That is the coin is trading in the overbought region of the market. Ether may encounter the presence of sellers in the overbought region. The RSI indicates that the coin is at level 59 which is capable of a further upward move.
Key Resistance Zones: $440, $460, $480
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
Since November 7, the bulls have continued to retest the $480 resistance zone. A resistance level may be weakened after several tests. On November 7, a retraced candle body tested the 50% Fibonacci retracement level. It means that the coin will rise and reach level 2.0 Fibonacci extension or the high of $538.36.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
coinidol.com By Coin Idol