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Ethereum Price Prediction: ETH/USD Bulls Enjoy Huge Extension Above $470

ETH Price Prediction – November 17

The Ethereum bulls need to pull above the $500 resistance level quickly so as to deny the bears the opportunity to enter and reverse the accrued gains.

ETH/USD Market

Key Levels:

Resistance levels: $500, $510, $520

Support levels: $425, $415, $405

ETHUSD – Daily Chart

Today, all digital assets in the market are posting incredible gains after what looks like a successful trading session. However, ETH/USD bullish action extended above the $450 resistance level and move towards a $480 level. Meanwhile, an intraday high has been formed at $472.

Where is ETH Price Going Next?

The current technical levels suggest that the bulls are not yet done because the longer they stay under 9-day and 21-day moving averages, the more they allow the sellers to regroup and force a reversal which could lead to support levels of $425, $415, and $405 respectively. For now, the trend is in the bulls’ hands as the RSI (14) is not only above the 60-level but also moving further towards the overbought region.

However, the daily chart reveals that the narrowing gap between the 9-day MA and the 21-day MA shows that ETH/USD is bullish both for the short term and the long term. So, as long the price stays above the moving averages, the bulls will remain relatively in charge and the next significant resistance is $480, which may give way for gains towards the $500, $510, and $520 resistance levels.

Against BTC, ETH is currently falling below the 9-day and 21-day moving averages. Looking at the daily chart, the coin breaks under the solid support at 2700 SAT and continued to fall through subsequent support level to 2686 SAT which happens to be the daily low. Breaking below the lower boundary of the channel could to the critical support level of 2500 SAT and below.

ETHBTC – Daily Chart

However, if the bulls decide to power the market, traders may find the resistance level at 3000 SAT and above. At the moment, ETH/BTC is consolidating to the downside. Meanwhile, there could be a surge in volatility as the RSI (14) moves below the 40-level.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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