Ethereum Price Prediction: ETH/USD Slips Below $4700
Ethereum Price Prediction – November 14
The Ethereum price continues to approach the crucial support and it must hold the $4500 level to climb towards $4800.
ETH/USD Market
Key Levels:
Resistance levels: $5200, $5400, $5600
Support levels: $4100, $3900, $3700
ETH/USD is trading down 2.04% at its current price of $4549.55, which marks a notable decline from its daily highs of $4695 sets today when the bulls move to spark another rally. However, in the near term, Ethereum (ETH) may likely find some support in the lower $4200 level, as it could cross below the 21-day moving average.
Ethereum Price Prediction: Ethereum Price Ready to Fall More
Looking at the daily chart, the Ethereum price crosses below the 9-day moving average today as the coin is currently experiencing a price drop. Before this, many traders were expecting a lot from the coin after touching the resistance level of $4867 a few days ago reflecting an improvement in the Ethereum prices. However, the Ethereum price is currently moving under the 9-day moving average which is yet to break out below the 21-day moving average within the channel.
At the moment, a bearish drop may continue to roll the market down and this could hit the support levels of $4100, $3900, and $3700 while a possible bullish surge could drive the market above the upper boundary of the channel to touch the $5000 level. Meanwhile, the $5200, $5400, and $5600 may further provide resistance levels for the market. Therefore, the Relative Strength Index (14) is crossing below 60-level, and staying there may cause the coin to drop more.
Against Bitcoin, the market price remains within the channel as the bears are trying to bring the market down. The Ethereum price is currently trading at 7083 SAT as the 9-day moving average may cross below the 21-day moving average. However, if the Ethereum price continues to drop, the next key support could be at 6700 SAT and below.
Moreover, any possible bullish movement towards the upper boundary of the channel may likely push the Ethereum price to the upside. Once this is done, the resistance level of 7600 SAT and above could be located. On the contrary, the Relative Strength Index (14) is crossing below 55-level, suggesting that the market may continue to fall.
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