Ethereum (ETH) As the price approaches $5000, it seems to have entered a price discovery again. in the last 24 hours 3.77% increase showing ETH $4,851and set a new record. ETH is currently eyeing above $5000, but there are important levels for investors to watch.
While Ethereum (ETH) continues its price search to set new highs on November 8; ETH bullsmanaged to keep up with the positive news from the cryptocurrency markets ahead of an important inflation report from the US.
Ethereum (ETH), the second most valuable crypto asset by market cap and the most valuable altcoin, has risen by 3.77% in the last 24 hours to reach an all-time high of $4,851 on Binance, surpassing the November 3 high of $4,650. By the way Bitcoin (BTC)retraced the critical support level of $65,000, showing strong positive market momentum between the two major cryptos.
Ethereum (ETH) Technical Analysis
Ethereum bulls are currently keeping their eye on the $5160 level, just above $5000. The technical view of ETH price wants to maintain the uptrend by closing points above the $5160 level as seen on the daily chart.
Etherum (ETH) price is currently hovering around $4,750. If ETH bulls want to maintain the uptrend, it needs to find support at the middle border of the ascending channel at $4,740. If this support is found, the leading smart contract platform could continue its uptrend to try to set highs above $10,000 and $10,000 could no longer be a dream but a realistic target.
ETH/USD Daily Chart
Managing Director of Goldman Sachs Bernhard Rzymelka According to the leaders who follow the crypto markets, especially the crypto markets, ETH may reach the $ 8000 limit at the end of the year if it continues to follow the positive movements in the market and inflation expectations.
The rising moving averages and the Relative Strength Index (RSI) indicator move into the “overbought” zone, ETH‘s bullish scenario supports. The RSI’s position at 68.96 is a technical indication that the bulls are currently stronger than the bears. And as the RSI enters the overbought zone, it looks like more buying orders will be issued, pushing ETH price towards the target of the prevailing chart pattern.
On the other hand this will invalidate the ascension thesis There are also important levels. If ETH dips below the $4,730 support level, it could slide to $4,384, supported by the lower border of the ascending channel. As long as ETH still maintains these levels, it could “technically” consolidate a bit before retracing an uptrend.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.