ETH Price Prediction – November 19
The Ethereum (ETH) is currently trading at $472 after a significant dip towards $465.
Resistance levels: $510, $520, $530
Support levels: $440, $430, $420
At the time of writing, ETH/USD is trading at $472 where a bearish momentum is building. Looking at the daily chart, the technical indicator RSI (14) shows that the bearish movement below the 60-level may be coming into focus after nose-diving to the south. However, the moving averages are still visible, suggesting that buyers have the ability to regain control.
What to expect from Ethereum (ETH)
The Ethereum price remains above the moving averages around the upper boundary of the channel. However, the sustainable move above $500 may improve the immediate technical picture and allow for an extended recovery towards the psychological $505. Similarly, any further bullish movement could negate the bearish scenario and bring the resistance of $510, $520, and $530 levels into view.
Meanwhile, a failure for the bulls to regain the ground could worsen the technical picture and lay the ground for the further sell-off towards psychological support created by $465. This barrier is reinforced by the 9-day MA and has the potential to slow down the bears. Any further bearish movement could be located at $440, $430, and $420 support levels.
Against Bitcoin, the market price remains within the descending channel and the bears are dominating the market. More so, ETH/BTC is currently trading at 0.261 BTC and the bulls couldn’t push the price to cross above the 9-day and 21-day moving averages. Looking at the chart, if the market continues to drop, the next key supports may likely be at 0.240 BTC and below.
However, on the upside, a possible bullish movement may likely push the market above the moving averages, immediately after this, the resistance level of 0.028 BTC and above could be visited. Meanwhile, the technical indicator RSI (14) is moving below the 45-level and this is suggesting that the market may continue to drop.