ETH Plummets After Reaching $1,595; Could Bulls Reign the Market?

Despite showing a slight upsurge at a high of $1,595 in the intraday trading, Ethereum dipped to a low of $1,545. Earlier today, the green signal for ETH occurred after its downtrend at $1,565 in the past day. As of now, ETH has a price of $1,570, which is 3.82% down in the past 24 hours.

ETH/USDT-1-Day Trading Chart (Source: TradingView)

The 51-day EMA for ETH indicates that if the current green candle hits the EMA line, the price will fluctuate to either go further up or down. Since October 25, ETH has been following an upward trajectory after ETH touched the EMA line. If the coin should continue this trend, it should tap at $1,679, which is the price it had on November 4.

Significantly, the nearest resistance zone for ETH is at $1,655, and the farthest support zone is at $1,270. If the coin taps above the mentioned resistance, it could make another good surge. Currently, ETH went below $1,570, the shortest support level. If the lower tick of the ETH candle persists to extend downward, $1,460 could be another low point for the coin.

The trading pattern between June and August also makes ETH price analysis more predictable. As evident from the graph, the current pattern of ETH resembles the one from June-August. This implies that ETH could go for a spike as in the former pattern. Moreover, if Bulls perform well in the market, the price of ETH could go high.

Besides, major coins including Bitcoin have plunged in the past 24 hours. Among the top ten coins by market cap, Solana signaled a great loss of $11.62%.

Disclaimer: The views and opinions as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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