ETH USD Flirting With Potential Bottom: Will November Print?

October was not gentle to the crypto world as prices fell instead of increasing. Unpleasant surprise for many. Can we expect better performance for November? Is ETH USD going to explore towards $10,000 as many are predicting? History shows that there is always money to be made from the markets. Let’s find out what insight technical analysis can provide for the upcoming weeks.

Now, even though the market is down (most likely because of the ETH ETFs’ sell pressure), there is plenty of on-chain activity and transaction volume. That by itself is a good sign fundamentally. Some are even saying that whales are back and buying.

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Ethereum
ETH

$3,465.52


1.33%

Ethereum
ETH


Price

$3,465.52

1.33% /24h





Volume in 24h

$30.93B
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–>


Price 7d

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supply disappearing from exchanges, such as Binance, is a prerequisite for sharp moves. Before moving on, please read the previous ETH article here.

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ETH USD Price History Context And ETH BTC Outlook

(Source – Tradingview, ETHBTC)

Let us begin this analysis with the Ethereum versus Bitcoin 3-month chart. What we can see here is that clearly, when Ethereum has its run, it is explosive and shorter than the drawdown periods. Not a lot of candles to go off of this 9-year-old chart. What is positive here is the bounce off of 0.01759 level. It essentially created a morning star pattern, which is a bullish sign and points toward a potential reversal. That would mean that ETH will be outperforming BTC – also known as Alt Season.

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(Source – Tradingview, ETHUSD)

Next, we are looking at the Weekly chart on the ETH USD pair. Price is still within the Support and 2021 High, on its way to fill that wick. Trading above all moving averages and resetting that RSI are both healthy for the potential next leg up. We do have an MSB since we have a new High after breaking the $4,000 key level. It looks like a Higher Low is in the making.

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(Source – Tradingview, ETHUSD)

Following the Weekly, now we take a look at the Daily timeframe. Being able to squeeze the whole move from $1,500 to almost $5,000 speaks volumes on its own. A more than 3x price increase in 4 months only speaks of demand. RSI has been trading at the bottom half for over a month now, gathering strength for a push. We are below MA50 and MA100, but slightly above MA200. Is $3,200 going to be the Higher Low, or do we have another drop ahead?

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Ethereum Price Analysis Conclusions

(Source – Tradingview, ETHUSD)

So what do we make of all the information so far? There are some bottom indicators, but nothing is certain until the structure turns bullish. And it will first turn bullish on lower timeframes, such as the 4H. Therefore, we are looking at this chart last. Here we have a resistance at $3,650 that rejected our latest attempt to move higher. The RSI is going back towards midway and the MAs are on a downslope. During an uptrend, the MAs are in incline with the white one on top. That is what we want to see eventually. And that resistance reclaimed. For November to close green, bulls need to act soon. Until then, we are only catching knives.

Stay safe out there!

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