ETH Technical Analysis: Ethereum Rebounds to Maintain Uptrend 

The ETH technical analysis indicates an upward momentum as the token breakout multiple resistant levels, with several lower price rejections, moving above the 50-day EMA. After dropping 1.49% on November 3 reaching the level of $1,503 due to a hike in interest rates by the Fed Reserve, Ethereum (ETH) price has regained the bull cycle, rising above $1550 on Friday. Currently trading at $1563.14 as of publishing this article ETH price has rebounded 1.89% in the last 24 hours with a daily high price of $1,582.90. It is since September 12 that the ETH price has crossed the price point of $1575. ETH price breached multiple resistance levels with higher price rejections above the 200-day EMA, which signals a clear uptrend, indicating selling opportunities to traders.

Key Points:

• The daily chart shows a strong bullish trend with multiple lower-price rejection candles
• 200-day EMA indicates a prolonged uptrend with the possibility of a bullish breakout
• The intraday trading volume in Ethereum is $13.28 billion

Source- Tradingview

ETH Technical Analysis

Over the last 24 hours, the ETH market price reclaimed the bullish momentum with price moving above the 50-day EMA, indicating an outright bullish trend, with the RSI touching the overbought level several times, as a slow and fast line saw a bullish crossover, while Histogram shows an uptrend. Although the prices displayed a bullish attempt to sustain the mark of $1550, it faced increasing selling pressure at $1575.

Technical Indicators

After touching the overbought level showing a sideways trend RSI witnessed a bearish crossover, sharply diving below the halfway line. The histogram also indicates a sideways after a sharp downturn to the oversold zone with the MACD line approaching the moving above midline witnessing a bullish divergence. Therefore, the ETH technical indicators show a rising bullish sentiment in the market, however, a prolonged uptrend can be encountered with a breakout due to a bullish reversal as the price is prone to hits overhead resistance. Resistance levels- $1582.90 and $1582.52 Support levels- $1577.29 and $1574.74

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