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Ethereum (ETH) Price Analysis for November 5

Ethereum (ETH) Price Analysis for November 5


Bulls are still controlling the situation even on the weekend as most of the coins are in the green zone.

Top coins by CoinMarketCap

ETH/USD

Ethereum (ETH) has not shown as much growth as Bitcoin (BTC). However, its price has still risen by 1.11%.

ETH/USD chart by TradingView

Despite the rise today, Ethereum (ETH) is trading near the local support level at $1,635.70, which means that bears might seize the initiative. If that happens, the fall might lead to a test of the $1,600 zone by the end of the week.

ETH/USD chart by TradingView

A similar situation is on the daily time frame, as the rate has bounced back to the resistance level at $1,662. If the candle fails to close above it, traders can expect a fall to the $1,550-$1,600 area within the nearest days.

ETH/USD chart by TradingView

From the midterm point of view, Ethereum (ETH) has entered the bullish zone after the breakout of the $1,407 mark. While the price is above the $1,500 area, buyers are more powerful than sellers. However, bulls might need more time to get power for a further move.

Respectively, sideways trading in the range of $1,600-$1,700 is the more likely scenario for the upcoming days.

Ethereum is trading at $1,634 at press time.



Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.

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