Ethereum Price Analysis for November 10
Has the price of Ethereum (ETH) reached a local peak?
The prices of coins keep rising; however, there are some exceptions from the rule.
ETH/USD
The rate of Ethereum (ETH) has increased by 3.08% over the past 24 hours.
On the hourly chart, the price of Ethereum (ETH) has bounced off the local support level of $2,071.
However, if the daily bar closes not far from it, bears may seize the initiative, which can lead to a drop to the $2,040 zone.
On the daily chart, the rate of ETH has made a false breakout of yesterday’s bar peak. If the candle closes below the important zone of $2,100, the correction may continue to the $2,000-$2,050 area in the next week.
On the bigger chart, one should focus on the bar closure in terms of the level of $2,029. If it happens above that mark, the ongoing rise may continue to the $2,100 area and above.
Ethereum is trading at $2,086 at press time.
About the author
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins. Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.
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