What will November bring for ETH based on historical data?
Last October is without a doubt a milestone to be remembered for many years to come, simply because of the massive changes that have taken place across the crypto sector in terms of both adoption and growth. While the protagonist seems to have been Bitcoin for the last month or so, ETH hit its ATH just before the end of the month (October 29).
Even if both top assets shoot up, the market is still predicting higher highs, and all for good reason. In fact, looking at the ETH chart, it is clear that the top altcoin still has plenty of room to move further up. So is November more optimistic for ETH than October? According to historical data, ETH will take some incredible steps in the coming weeks.
Promising weekly and monthly closing
ETH closed the last week of October at the highest level the top altcoin has ever had. The weekly candle closed above $ 4,180 last week, while the previous high came when ETH hit its ATH at $ 3,808 in May.
But that’s not all, ETH weekly candles have been trying to close above $ 3,500 for the past 3 weeks. In fact, the analyst jaydee_757 points out that a super bull movement is forming on the ETH chart. In particular, the weekly RSI is within a 6-month trend line and has finally broken out, which is signaled by the movement in ETH.
The source: jaydee_757
In addition, the stochastic RSI has formed a crossover on the weekly chart as shown above. Every time there is a crossover over 20 in the last year, the price of ETH doubles. If nothing happens, this model will be a game changer for ETH.
In addition, the similarity between the ETH price structure in 2017 and 2021 can be seen on the weekly chart. In both periods after the consolidation phase, which started roughly from June to September, ETH peaked locally (in 2021 the new ATH is not much higher than the 2017 version).
However, after consolidating and rising slightly in November 2017, ETH price rose 166% while the trend continued through December.
ETH / USDT | Source: trade view
Since there is a strong similarity in the structure, ETH can also achieve 100% profit this time if everything goes well.
However, while the prospect of an upward move looks promising, the ETH price is unchanged after ATH. Since ETH is currently 4% below ATH, the possibility of a short-term correction cannot be ruled out.
However, if the same thing happens, this is a good buying opportunity. With 62.13 million (98%) addresses currently profitable, HODL is the best you can do.
ETH is trying to break out of $ 4,460
Main support level: $ 3,969.
Key Resistance: $ 4,460.
The bulls attempt to break above ATH again after the October 27 shakeout (price drops to eliminate weak hands) as the market moves lower. After last week’s short-term correction, ETH rebounded quickly and held its price above the USD 3,969 support. This shows that the bulls and bears’ strength must be stronger if there is a chance to reverse that momentum.
In terms of volume, price rebounded from last week’s crash with good volume and has remained stable since then. If ETH outperforms ATH in the short term, the volume could explode with comparable volatility.
The RSI stays below 70 for the daily timeframe and is trending up. This shows strength and right after the breakout the RSI could move into the overbought zone and stay there for a while when a new rally begins.
Meanwhile, the MACD histogram and moving averages (MAs) are bullish on the daily time frame. However, the bulls continue to delay a break above the ATH, which could give the bears an opportunity to pull the price down and turn the MACD line down. The chart is currently making lower highs and needs to be changed soon or bears could take over.
The trend at ETH is bullish. As long as the price stays above the key psychological level of $ 4,000, the bulls really have a chance to break above the current ATH. A downward trend can only develop if ETH closes the daily candle below this critical level.
The prediction right now is that ETH will break through the new ATH and quickly push the price to a higher level like $ 5,000. Until then, it will probably be somewhere between important support and resistance. The bulls’ failure to break above ATH, however, will favor the bears, leading to another strong rejection similar to the one seen on October 27th.
You can see the ETH price here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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