Profit-taking at Ethereum, Ripple and IOTA stops bull rally
After all three Altcoins Ethereum (ETH), Ripple (XRP) and IOTA (MIOTA) reached new highs for the year at the beginning of the week, Bitcoin sales in the last 48 hours over Ethereum Code caused significant price declines for all three Altcoins.
Ethereum (ETH): After the rise comes the price correction
- Exchange rate: 510 US dollars (previous week: 503 US dollars)
- Resistance/Targets: US$ 549, US$ 608, US$ 620, US$ 678, US$ 720, US$ 842
- Support: US$ 485, US$ 460, US$ 440, US$ 420, US$ 409, US$ 383, US$ 371, US$ 363
Ether exchange rate works off target rate at USD 608.
Yesterday’s collapse in the share price caused Ethereum to plummet to as low as USD 485.
USD 440 now acts as a central support level.
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This week’s bullish rally took Ethereum all the way to the finish line on the 261 Fibonacci extension at USD 608. The high was the ether exchange rate at 620 US dollars. In the course of a significant correction yesterday, Thursday 26th November, the ether price corrected by 20 per cent back to the breakout level at 485 US dollars. At this important price mark, the first buyers came back into the market and let Ethereum rise to the current level of 517 US dollars. The significant price correction in the market as a whole, led by Bitcoin (BTC) with a price slide of more than 3,000 US dollars, must now be digested.
Bullish variant (Ethereum)
If the bulls are able to stabilise the ether price above the USD 488 in the coming days, a further rise to the 61 Fibonacci retracement at USD 550 is conceivable. If, in anticipation of the launch of the Ethereum 2.0 network on 7 December, investors are able to stabilise the price above this level at the end of the day, a further rise to the annual high of USD 620 should be envisaged. However, only if this high is also dynamically overcome is a subsequent rise towards the 78 Fibonacci retracement at USD 678 likely. Continued bullish sentiment should lead the ether exchange rate in the coming weeks to the repeatedly mentioned price target of USD 720. If the lead currency Bitcoin (BTC) reaches a new all-time high and breaks above the USD 20,089 mark, Ethereum should also continue to perform and reach the maximum price target at USD 842. A continuation of the rally in the market as a whole is likely to push the ether price up to around USD 1,000 in 2021.
Bearish variant (Ethereum)
After weeks of abstinence, the bears have made an impressive comeback in the last few days, selling off to the super-trend at $488. So far, sellers have not been able to push the ether below the outbreak level of $488. Ethereum continues to trade above the EMA20 (red) at $504 for the time being. If this sliding support is undercut at the daily closing price and the $485 is also broken, the bears will try to correct the price to as close as $460 (50 Fibonacci retracement). If this support is abandoned, the correction is likely to extend to as high as the $440 mark. This is the first area where bulls and bears are going to compete. If the price falls below this support, an immediate decline in the price to around $420 is likely.