Ethereum (ETH) is trading around 4,501, after having made an all-time high at 4,636. Now we are watching a correction and the price is likely to find support around the 21 SMA located at 4,375. The strong 6/8 support of murray is located at the same level.
According to the 4-hour chart, Ether remains in a strongly bullish trend. When it made its all-time high, it touched the top of the uptrend channel. It is likely that we will see a correction in the coming days for a new bullish wave that may encourage ETH to rise to the psychological level of 5,000, around 8/8 of murray.
We should expect a consolidation around the key level of 4,375. From October 18 to October 31, it was consolidating below this zone and is now this level likely to serve as strong support. A good opportunity will be to buy at these price levels with targets at 4,687 (7/7) and 5,000 (8/8).
If the price falls below 4,375, we should expect the correction to continue until we find support at the bottom of the uptrend channel. This will be the last support for ETH and also a good opportunity to buy with medium-term targets around $5,000.
If Ethereum breaks the uptrend channel formed since September 26, it could be the beginning of a bearish scenario and we could expect a drop to the 200 EMA level around 3,923. If the downward pressure prevails and if the panic increases the market could fall to the support of 4/8 murray at 3750.
Support and Resistance Levels for November 03 - 04, 2021
Resistance (3) 4,859
Resistance (2) 4,694
Resistance (1) 4,610
----------------------------
Support (1) 4,361
Support (2) 4,195
Support (3) 4,062
***********************************************************
A trading tip for ETH for November 03 - 04, 2021
Buy if ETH rebounds from 4,375 (SMA 21) with take profit at 4,500 and 4,687 (7/8), stop loss below 4,265.
