• 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

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

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