ETH/USD price analysis November 19

19.11.2020 18:05:53

In three days, the price of Ethereum was able to recover after a correction to the $445 area and even was able to test the level of 495, but could not gain a foothold. After testing a new top, the pair ETH/USD is showing bearish signs (as the price of Bitcoin). At the time of publication, the pair ETH/USD dropped to $476.

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ETH/USD is trading below the key resistance level of $485, but at the same time, it remains above the MA100, which is located in the 466 area. At the same time, the pair ETH/USD has support in the form of an uptrend line, which forms on the hourly chart and provides support in the area of 474, thus making this level an important support level for the pair ETH/USD. If the pair ETH/USD falls below this level, it may find support in the area of 466, where the MA100 is. If it drops below, we can see a further decline in the price of Ethereum.

If Ethereum manages to hold above $470, the bulls will try to raise it above the level of 482 in order to retest the level of 495 later. An important resistance level is at 485, a breakout of which will make it easier for the bulls to test the mark of 495.

In the current situation, the key levels for the pair ETH/USD are levels 470 and 485.