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Ethereum (ETH) Price Analysis for November 3

Price Predictions
Wed, 11/03/2021 - 15:29
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Denys Serhiichuk
Has Ethereum (ETH) reached its top?
Ethereum (ETH) Price Analysis for November 3
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Even though the cryptocurrency market is bullish, some coins have already entered the correction phase.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

ETH/USD

The rate of Ethereum (ETH) is almost unchanged since yesterday. The price rise has increased by 0.86% over the last 24 hours.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

On the hourly chart, Ethereum (ETH) has touched the zone of the most liquidity around $4,500, which means that bulls may have gained enough power for continued growth. In this case, the main altcoin may come back to the resistance at $4,591 by the end of the day.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

At the moment, trading volumes have decreased, and the price has retraced slightly. One believes that sellers can push the pair back to the zone of yesterday's high, and then growth may resume to a new historical maximum around $4,700.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Ethereum (ETH) made a false breakout after setting a new peak at $4,643. The selling volume is low, which means that the current decline might be considered as a pullback before further growth.

Related
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However, one may expect the price to drop to the nearest support level at $4,375, followed by a fast bounceback.

Ethereum is trading at $4,497 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.