Ethereum reached a new all-time high on Nov 10, at $4,859.50, and is currently 11% down from that price level. The market capitalization of the entire cryptocurrency market also rose by 4% today. Bitcoin also rose above the $55,000 price levels.
As per data from CoinmarketCap, the trading volume dropped by more than 23.88% in the last 24-hours with prices rising by more than 4.05% as of 12:11 pm GMT. The market capitalization of the world’s second-biggest cryptocurrency is up by 4.48% with a dominance of 19.53%.
After a few bearish candles, Ethereum continues to rise to make its second consecutive candle hinting that $3956 was its local bottom. It is expected that ETH will continue to be bullish as ETH 2.0 nears launch.
Ethereum price analysis on the chart using indicators
The 50-day and 100-day Moving Averages continue to progress below the price momentum while the buyers try to revive the bullish momentum that the ETH/USDT pair earlier had.
On the other hand, prices failed to break out from the lower end of the Bollinger Bands, preventing a further fall in prices. on the daily chart.
The chart below shows that the RSI levels are trying to recover as buying pressure increased and price action gained bullish strength. Also, the gradient is slightly positive and higher prices are possible.
The MACD line (blue) continues to progress below the signal line (orange) following the bearish divergence we witnessed a few days ago. The MACD histogram is also bearish with multiple red bars indicating that selling pressure is dominating currently.
Ethereum has performed extremely well this year, rising from $485.50 to $4,891.70 in the last 52 weeks. As Ethereum continues to attract more DeFi investment and institutional capital, the chances of reaching a new all-time high is certainly possible.