November 4, 2021 / Analytics

Ethereum Price Analysis: What Point Will ETH Rise To?

ethereum forecast

Ethereum (ETH) cryptocurrency rate continues to fly up and periodically corrects by 6-8%. The upward trend should continue over the next week, so the coin will rise in price to at least $ 5,000 by November 11.

Key Points

  • ETH is hovering above the 100 hour moving average ($ 4,197).
  • A bullish trend line has formed with support around $ 4,200 on the hourly chart.
  • There is a strong resistance barrier at $ 5,000.

Ethereum price has been pumped up for more than a month. The asset has risen in price by 68% since September 30. The cryptocurrency rate updated its historical maximum, reaching $ 4,670 (Bitstamp data) on November 3. Despite the low trading volume, the value of ETH is growing steadily, and the upward trend is accompanied by a healthy correction. Therefore, a sharp dump for buying off coins is not expected yet.

The bulls broke the previous ATH ($ 4,380) on the third try. This level has turned from a resistance zone into a support barrier and will protect Ethereum from serious losses. The resistance barrier is located at the psychologically significant level – $ 5,000. A large number of orders to sell ETH are open in this zone, therefore, the bulls will not be able to overcome $ 5,000 the first time.

eth chart

What Point Will Ethereum Price Rise To?

ETH rate is increasing in the third wave of the bullish trend that occurred on July 20. The phase of exponential growth in the value of a coin always begins during the fifth wave. According to Elliott Wave Theory, the third wave is never the shortest. Taken together, these factors indicate that the third wave will surpass the second in strength, and Ethereum will rise in price by more than 136% from the bottom around $ 2,639. That is, the current target of the bulls is at the level of at least $ 6,200.

eth chart

Given the speed of the upward movement, it can be assumed that the price of the cryptocurrency will increase to $ 6,200 by January 8. The course must bounce off this obstacle by no more than 34% in order for the bottom of the fourth wave to be higher than the top of the first wave. Accordingly, Ethereum will drop in price to a maximum of $ 4,100. During the fifth wave of bull run, the value of a digital asset will reach the Moon, which is at least $ 10,000.

Technical indicators:

  • 4 hours MACD is in a bullish trend zone.
  • 4 hours RSI is above 60 (in the neutral zone).
  • Major Support Level – $ 4,200.
  • Major Resistance Level – $ 5,000.
  • The nearest pivot points are $ 4,213 and $ 4,780.
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