Ethereum Daily Price Forecast (11/12/20) — $450 Resistance Broken! $500 Next?
Ethereum broke out on Wednesday, breaking above the $450 level and reaching up to the $475 level before pulling back a bit, closing the day well above $450. This is a bullish breakout, of course, piercing a key resistance level and closing above it on the daily chart.
(November 11, 2020 8:30 PM EST)
Outlook: Ethereum broke out on Wednesday, breaking above $450 resistance and reaching up toward $500 before pulling back a bit, but closing above $450 with a bullish daily candle. Ethereum continues its uptrend, having now formed six consecutive bullish candles, rallying nearly $100 in the last week. ETH is playing catchup to Bitcoin as it is still trading underneath the August/September highs around $500, which ETH looks to be targeting now. If ETH breaks above $500, look for an impulsive candle higher and/or a pullback to establish new support at $450. If ETH pulls back from here, look for the buyers to step in around $400. Relative to Bitcoin, ETH has greater investment potential in my view as it is still well below 50% of its January 2018 ATH, whereas Bitcoin is only about 20% lower than its December 2017 ATH.
In ETH 2.0 news, 50,000 ETH has been reported as being staked on the ETH 2.0 deposit contract, which represents about 10% of the amount of ETH required to launch 2.0 by the Dec. 1 target date. While this target may not be hit, which at this rate it seems it may not, this would coincide with the legacy market liquidity drought between now and the end of the year, providing a possible selloff and medium-long term buying opportunity heading into a very bullish 2021.
Support: Look for support at $400, which is a major inflection level for ETH and former resistance, so it should now act as new support. Below that, the 50 Day EMA at $378, then $350, then the 200 Day EMA which is trading around the round psychological point of $300.
Resistance: Look for continuation above $450, then $500, then in $50-$100 increments. I think the upper range of this move is somewhere between $500–600, but it wouldn’t be surprising to see further ETH 2.0 launches propel ETH higher.
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