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Ethereum Price Prediction: ETH/USD Slides toward $4400 Support

Ethereum Price Prediction
Ethereum Price Prediction

Ethereum Price Prediction – November 5

The Ethereum price is seen hovering at a crucial support level which may determine where it will be heading next.

ETH/USD Market

Key Levels:

Resistance levels: $4900, $5100, $5300

Support levels: $4000, $3800, $3600

Ethereum Price Prediction
ETHUSD – Daily Chart

ETH/USD follows in the footsteps of the flagship cryptocurrency as the coin keeps falling towards the 9-day and 21-day moving averages. The Ethereum price failed to break above the upper boundary of the channel at $4574. Moreover, if there is likely to a short-term selling pressure within the market,   ETH/USD MAY tackle it and could make a comeback near the channel.

Ethereum Price Prediction: Is Ethereum (ETH) Ready for the Downside?

As the Ethereum price hovers within the channel, ETH/USD begins to experience a slight bearish movement after touching a daily high of nearly $4600. However, the increase in selling pressure may likely push the price of Ethereum to cross below the 21-day moving average. However, in as long as the red-line of the 9-day MA holds above the green-line of the 21-day MA, ETH/USD may rebound towards the upside.

Nevertheless, if the buyers manage to maintain the bullish momentum, a slight upward movement could push the price back above the upper boundary of the channel. Therefore, the Ethereum price could hit the resistance levels of $4900, $5100, and $5300. On the other hand, if there is any failure to keep the coin at the upside, this could spell trouble for the Ethereum price. As the Relative Strength Index (14) moves to cross below 60-level, it is likely for the Ethereum price to locate the supports at $4000, $3800, and $3600.

When compares with BTC, the Ethereum price is seen trading near the upper boundary of the channel above the 9-day and 21-day moving averages. The coin is changing hands at 7311 SAT as the technical indicator Relative Strength Index (14) couldn’t cross into the overbought zone. However, the daily chart reveals that the buyers continue to dominate the market as the pair seems to remain around the channel.

ETHBTC – Daily Chart

Looking at it positively, if the market price crosses above the channel, the resistance level could be located at 7800 SAT and above. Conversely, a lower sustainable move may likely aid the bearish movement and it could attract new sellers to the market with the next focus on 6900 SAT and below.

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