Ethereum burst higher on Tuesday, falling up to just under the $500 level before closing just under the highs of the day. Ethereum is in a bullish short-term formation and is pressuring the recent yearly highs.
(November 18, 2020 8:30 PM EST)
Outlook: Ethereum rallied on Tuesday, erasing yesterday’s losses and reaching up to just under the $500 level, which is the yearly high last seen a couple months ago. Give the bullish fundamental and now technical setups, I think ETH’s more than locked and loaded to break above this level. Breaking above $500 is bullish in the sense it opens up the next medium-term window of price: $500-$1,000, which I think ETH will slice through faster than most think, especially on further bullish ETH 2.0 news.
Also, now that Bitcoin is trading near its ATH around $20,000, many new market entrants to crypto feel they are “priced out” of owning one BTC and instinctually look to the next crypto: Ethereum, which is a much more friendly and attainable price level... for now.
Support: Look for support at $400, which is a major inflection level for ETH, former resistance = new support and the 50 Day EMA. so it should now act as new support. Lower, look to $350, then the 200 Day EMA which is trading just north of $300.
Resistance: It seems we may have our breakout above $450, so I’m looking for another test of $500. After that, ecpext moves in $50-$100 increments. I think the upper range of this move is somewhere between $500-600, but it wouldn't be surprising to see a wick higher before an EWT retracement.
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