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Ethereum Price Prediction: ETH/USD Finally Touches $576 New Month High

ETH Price Prediction – November 22

ETH/USD climbs higher and settles above the main $575 barrier as the coin remains above the moving averages.

ETH/USD Market

Key Levels:

Resistance levels: $600, $610, $620

Support levels: $500, $490, $480

ETHUSD – Daily Chart

ETH/USD is seen following the bullish trend for the past three days trading above the 9-day and 21-day moving averages. It is currently making a gain of almost 2.57% as the price touches the daily high of $576.68. However, amidst that, the coin is managing to keep its price above the upper boundary of the channel.

What to Expect from Ethereum (ETH)

In the last three days, Ethereum has moved from $471 to $578 and at the same time moving near the upper boundary of the channel at the time of writing. The on-going trend may move a little bit higher in the next few days if the 9-day MA keeps trading above the 21-day MA and the coin may likely reach the nearest resistance at $580, any further bullish movement could hit additional resistance levels at $600, $610, and $620 respectively.

However, a bearish drop may roll the market back towards the 9-day and 21-day moving averages and also to the initial support level of $510. Meanwhile, the support levels are located at $500, $490, and $480. As the trading volume increases, the technical indicator RSI (14) is seen moving within the overbought region and this indicates that more bullish signals may come to play.

When compares with Bitcoin, Ethereum is moving tremendously above the 9-day and 21-day moving averages as the price is changing hands at 3053 SAT while the technical indicator RSI (14) moves below the 55-level. However, the daily chart reveals that the coin is retreating after touching the daily high of 3092 SAT.

ETHBTC – Daily Chart

Negatively, the critical support levels are located at 2700 SAT and below. Inversely, a higher sustainable move may likely cancel the bearish pattern and it could attract new buyers to the market with the next resistance at 3300 SAT and above.

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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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