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The Bears Take-over; ETH/USD May Fall below $500 Support Level


ETH Price Prediction – November 26

The daily chart reveals that the Ethereum price is approaching a crucial support level, similar to Bitcoin (BTC).

ETH/USD Market

Key Levels:

Resistance levels: $620, $640, $660

Support levels: $420, $400, $380

ETHUSD – Daily Chart

ETH/USD is trading down 8.33% at its current price of $521.51, which marks a notable decline from its daily highs of $577 today when the bulls attempt to spark another rally. In the next negative movements, ETH/USD may find some support in the lower $480 level, as it has bounced multiple times after visiting this level.

What to Expect from Ethereum (ETH)

The Ethereum (ETH) is currently following the bearish trend with a tremendous price drop. Although many traders were expecting a lot from the coin before it suddenly changes to the downside. Meanwhile, the majority of the altcoins started trading today with a fall as the Ethereum price is seen trading under the 9-day moving average but yet to break below the lower boundary of the channel.

Moreover, a bearish drop may likely roll the market down to the support level of $420, $400, and $380 while a possible bullish surge may drive the market above the moving averages at the $580 resistance level. Meanwhile, the $620, $640, and $660 may further provide resistance levels for the market. The technical indicator RSI (14) is facing the negative side and staying there may cause the coin to fall below the critical supports again.

Against Bitcoin, the market price remains within the negative side but still trading above the 9-day and 21-day moving averages. The bears are already taking over the market as ETH/BTC is currently trading at 0.0303 BTC and the bulls failed to push the price upward. Meanwhile, if the market continues to drop, the next key supports could be 0.0270 BTC and below.

ETHBTC – Daily Chart

However, on the upside, a possible bullish movement may surface and this could push the market to cross above the upper boundary of the channel, once this is done, the resistance level of 0.0330 BTC and above may be visited. As for now, the RSI (14) is seen moving below the 55-level, suggesting that the market may continue to fall.



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