Ethereum Weekly Price Forecast (11/8/20) — ETH Price Map Through End of 2020
Ethereum pulled back during the week ending November 1st, trading back and forth around the critical $400 level before settling just underneath on the week. Ethereum is in a bit of consolidation after an explosive breakout mid-year.
(November 1, 2020 8:30 PM EST)
Outlook: Ethereum is stuck between a rock and a hard place, both with bullish undertones. Aside from the ETH 2.0 deposit contract being delayed a month or two, ETH is both technically and fundamentally bullish and forward-looking As you can see in both the shorter term (above) and longer-term (below) charts, ETH is in an uptrend on multiple timeframes, tracking towards the previous ATH’s but in a lagging fashion, most notably behind Bitcoin. This is to be expected, as ETH is considered the #2 largest-cap crypto, but in that respect is still considered an ‘altcoin.’ Therefore, Bitcoin dominance tends to mute or even depress other crypto projects in satoshi value (BTC pairing). Once the Bitcoin dominance shows signs of a peak and starts retreating, that’s when we can probably expect to start seeing alts, ETH in particular, start to ‘catch up’ to Bitcoin. The longer-term chart below is a rough estimation, but I think given ETH 2.0 launch news, ETH can spike up high three-figures or low-four figures to complete a Wave 3, correct in a Wave 4 to test higher support/previous resistance around $400 or so, and then continue to the previous ATH/make a new ATH during a Wave 5 sometime in 2021. To clarify, this isn’t a final, conclusive, or long-term projection, but just a near-term EWT forecast based on the current wave count, of which could be a single wave in a larger macro count.
Support: Ethereum pulled back a bit last week, failing to hold the $400 level as support, oscillating around but not quite above the critical inflection point. I’m still looking at support around $350 and $300, which is roughly aligned with the 50 Week EMA.
Resistance: $400 remains resistance until Ethereum impulsively breaks above it, pulling back, and finding support thereafter. However, I believe once ETH breaks above this level in a convincing fashion, the sands will have officially shifted in the bulls’ favor and the bias will strongly be to the upside. After $400, look for resistance every $50–100; so $450, then $500, $600, etc. If you look at the 4-Year chart of ETH above, $400 is the August 2017 high and roughly the July 2019 high, indicating a major area of resistance. Failing to breach $400 in 2019 resulted in a continued bear market; successful breach of $400 in late 2017 resulted in a massive bull run to four-figures.
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