• Ethereum has broken above from the ascending triangle formation in the 1-day chart.
  • The daily confluence detector shows a lack of strong resistance barriers on the upside.

After dropping sharply from $475 to $320.25 between September 2 and September 23, Ethereum has been climbing steadily upward in an ascending triangle formation. Several technicals show that the buyers will remain in control and help the smart contract platform reach the $475-level as determined by the ascending triangle.

Ethereum goes up, up and away

This Wednesday, November 4, the price managed to break above the triangle and is currently heavily bullish. Over the last three days, the price has flown up from $387 to $441. As per technical analysis, the price target for Ethereum, based on the triangle formation, is $475.

ETH/USD daily chart

ETH/USD daily chart

The daily confluence detector is a handy tool that helps us visualize strong resistance and support levels. ETH is currently sitting just below the $442 resistance barrier. Upon conquering this level, the price should easily reach $475. If the buyers remain in control, there will be no stopping Ethereum from reaching the $500 zone.

fxsoriginal

Ethereum daily confluence detector

Adding further credence to this optimistic outlook is the way the whales have been behaving. Since October 12, the number of addresses with 1,000 to 10,000 ETH rose by 3.3%. Roughly 208 whales have joined the network since then. The spike in buying pressure has directly contributed to the rise in price.

fxsoriginal

Ethereum holders distribution

This bullish outlook holds if the price remains on its current trajectory. If the sellers somehow manage to take control, they will face a robust support wall at $422. Along with this, there are two more strong support walls at $405 and $380, which should absorb any residual selling pressure.
 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP