The price of Ethereum (ETH) has been on the rise, staying above the breakout level of $1,746 from October 27. The altcoin traded sideways between $1,760 and $1,860 for a week before resuming its movement on November 5. It reached a high of $1,915 before falling back down. However, it managed to rise above the previous resistance level, which is now acting as a support level.
If Ethereum remains above the support level of $1,880, it could reach the psychological price level of $2,000 per coin. On the other hand, if selling pressure continues, it may fall back into the current price range. Buyers have been defending the breakout level of $1,746, and as long as Ethereum remains above this level, it will likely continue to rise.
The moving average lines have sloped horizontally due to the interruption of the uptrend on October 24. This indicates a sideways trend for Ethereum. The altcoin has returned to its trading range and is facing rejection at the high of $1,900. It has also reached the overbought zone on the indicator.
Key resistance levels for Ethereum are $1,800 and $2,000, while key support levels are $1,600 and $1,400.
At present, Ethereum has broken out of its trading range but is facing resistance around $1,915. The uptrend is still intact as the price retraces to around $1,886. If buyers manage to overcome resistance at $1,915, Ethereum could continue to rise.
In recent news on November 5th, Ethereum was oscillating below the resistance level of $1,893 after ending its upswing and returning to a horizontal pattern since October 24.
Overall, Ethereum’s price remains bullish with potential for further growth in the near future.
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