Ethereum Price Analysis: ETH/USD To Update The Record High In 2020
November 12, 2020 / Analytics
Ethereum (ETH) cryptocurrency rate has fixed above the $ 460 barrier and continues to grow. Therefore, the coin should rise to $ 500 by November 19th.
- ETH price fluctuates above the 100 hour moving average ($ 460).
- A bullish trend line has formed with support around $ 460 on the hourly chart.
- As long as the value of the coin is more than $ 450, the market will continue to demonstrate positive dynamics.
Ethereum began to increase in price again and has risen in price by 6% since Monday after a rollback to $ 425 (Bitstamp data). During the pump, buyers broke through resistance barriers at $ 450 and $ 455. Moreover, on November 11, the value of the coin exceeded $ 470 and reached $ 477.
The bulls failed above $ 470. During the expected correction, the rate dropped to $ 450, but then again exceeded $ 460. The nearest support zone is located in the $ 460 area, which coincides with the 38.2% Fib recorded during the dump from $ 477 to $ 450. The nearest resistance barrier is at $ 464 (50% Fib).
ETH rate is reliably protected from large losses by powerful support barriers at $ 460, $ 455, $ 450, and $ 445. There is an increased buying activity in the range of $ 450-455. Therefore, ETH price drop below this level is unlikely. Most likely, over the next two sessions, the bulls will break through $ 470 again and pump the coin to at least $ 490.
Ethereum Price Will Get Record In 2020
ETH is flying to the moon this year due to DeFi. In this regard, the indicators of financial services serve as the main indicator of the movement of the coin rate. On November 12, the value of assets in DeFi smart contracts reached an all-time high of $ 13.55 billion. This fact indicates the growing popularity of decentralized finance against the backdrop of rising inflation.
Analyst Xiao Wang believes that Silicon Valley investors will start to actively invest in DeFi. Interest in services will spur bull runs on the Ethereum market, and the coin rate will reach new heights. Based on the wave theory, ETH is now in the fifth wave of an uptrend. It will end at least $ 500. After working out the trend, a powerful dump should appear, as a result of which the value of the coin will collapse to $ 200 or even lower.
- 4 hours MACD is in the bearish trend zone.
- 4 hours RSI is above 50 (in the negative area).
- Major Support Level – $ 450.
- Major Resistance Level – $ 470.
- The nearest pivot points are $ 431 and $ 469.