Despite a strong bullish end to October, November has started with a neutral sentiment, as the market has been constantly moving sideways. Further, the Midcap tokens have been outperforming the elite cryptocurrencies since the month started, suggesting a switch of interest among the investors toward these coins.
The leader of Altcoins, Ethereum, has displayed a significant move in its price in recent times as the price has gained massive momentum. Earlier, the ETH price was seen trading below its key resistance of $1,600 for a brief period.
After this, the Bitcoin price gained massive price volatility, resulting in the market gaining momentum. Ethereum’s price followed in the footsteps of the market leader and displayed a significant uptrend in its price by breaking out of its key resistance level at $1,600.
Ethereum continued to gain momentum, broke out of multiple resistance levels, and made a run to test its important resistance level at $1,850, but the price was rejected, following which the bulls lost power.
Ethereum price started trading in a consolidated range between $1,759.18 and $1,850, forming a flag pattern, further indicating the possibility of a bullish uptrend in the coming days.
The price made multiple attempts to break out but constantly failed as the bears overpowered the bulls. Recently, the ETH price broke out of its important resistance level of $1,850, suggesting a strong bullish influence in the market, which could result in the price experiencing a bullish price action soon.
Looking at the technical indicators, the MACD displays a constant green histogram, indicating a bullish influence in the market. Further, the averages show a rising pattern, suggesting the price to continue appreciating in the coming time.
If the bulls continue to gain momentum and hold its price above the resistance level of $1,850, the price will continue to gain momentum and make a run to test its upper resistance level of $1,920. Maintaining a hold at this level might set the stage for the price to attempt to reach the major resistance at $2,000 this year.
Conversely, if the ETH bulls fail to hold the price above its support level, the price could lose momentum, resulting in it testing its lower support level of $1,745.26 soon. Moreover, if the bears keep dominating the market, it will further plunge and potentially test its lower support level of $1,686.77 this month.
Alamanda’s FTX has sold 7,183 ETH tokens worth approximately $13 Million within the past 24 hours. Further, the exchange has also made significant transfers in various assets during the past two days, for which the reason is unknown, suggesting a possibility of a massive price action in the near future.
Moreover, Vitalik Buterin’s increasing withdrawals for donation purposes may result in the price trading under the $2K mark for a significant period.
On the positive side, the Ethereum coin has recorded a significant spike in its holdings of large wallets as investors display a rise in their interest in the coin. The total supply held by the whale addresses in percentage has consistently climbed during the previous months, indicating a strong and promising future price action for this coin.
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