At the beginning of the Asian session, the price of Ethereum (ETH) is trading below the SMA of 21 located at 4.729 and below 7/8 of Murray.
Ethereum is trading at 4.601. After having reached a high of 4.863, it fell quickly towards the bottom of the bullish channel. Now, it is trying to recoup part of the losses and approaching the SMA of 21.
Crypto markets rose to all-time highs on November 10, as investors continued to buy Ethereum and other cryptocurrencies in response to rising inflation in the United States.
According to the 4H chart, ether has been trading within an ascending channel since September 29. The bulls are trying to keep the price above this trend channel as confirmed by the rebound that occurred a few hours ago. The main target for buyers is the psychological level of $5,000.
If the price of ether breaks sharply below the uptrend channel, it could fall to the 6/8 Murray support line located at 4.375. This is an important level to watch out for because a break below this will suggest a possible short-term trend reversal and could fall to the support of the 200 EMA located at 4.172.
As long as it remains below the 21 SMA (4,729), ether could drop first to 4,375. If this support also gives way, the correction could reach the 200 EMA (4,172) and up to the psychological support at 4,000.
Below we leave the support and resistance levels for the next two days.
Support and Resistance Levels for November 11 - 12, 2021
Resistance (3) 5,000
Resistance (2) 4,811
Resistance (1) 4,687
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Support (1) 4,476
Support (2) 4,387
Support (3) 4,226
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A trading tip for NASDAQ 100 for November 11 - 12, 2021
Sell below 4,729 with take profit at 4,375 (6/8) and 4,172 (EMA 200), stop loss above 4,900.
