Ethereum (ETH) cryptocurrency rate has corrected after reaching its peak. However, the market is in a bullish trend, so the coin should rise to $ 535 by November 26.
There was a period of consolidation over the weekend. At the same time, Ethereum began to be pumped again on Monday. ETH rate increased from $ 440 to $ 496 (Bitstamp data) in three days. The price of the cryptocurrency increased to its maximum value since July 2018, but the bulls failed to gain a foothold above the $ 490 mark, and the coin fell to $ 458. Nevertheless, Ethereum was quickly bought back at low levels ($ 458 and $ 463), and the price of the coin exceeded $ 470. This fact testifies to the continued upward trend.
The bulls need to break through the $ 483 barrier, which is at 23.6% Fib recorded during the pump from $ 440 to $ 496. The next support obstacles are located at $ 495 and $ 500. If the last barrier is overcome, the cost of ETH will rise to at least $ 525. If the bears seize the initiative, then the asset price could potentially fall to $ 461 (61.8% Fib). A fall in the rate below this level is unlikely, because there is increased buying activity in the range from $ 461 to $ 468.
A bullish flag with a flagpole height of 12.5% is forming on the chart. During the next session, the volatility level should decrease – the asset price will fluctuate in a narrow corridor from $ 470 to $ 478. However, the shrinking triangle may be broken as early as November 19. Given the height of the flagpole, the value of the cryptocurrency will rise to $ 535 as a result of the next impulse move.
Since the end of August 2020, the BTC.D index (Bitcoin dominance) has grown by 18% and reached 67%. On September 2 last year, this figure was 73%, while the coin was worth only $ 10,366. Based on the current trend, BTC.D will reach the previous high, so the rate of the coin will rise to at least $ 19,515. After that, the altcoin season should begin, and Ethereum will quickly begin to add in price up to $ 800. On the other hand, a Bitcoin dump could trigger a downward trend in the ETH market. But in this case, BTC is likely to overtake Ethereum in the largest decline in value.