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


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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