Ethereum (ETH) Price Analysis for November 4
The price of Ethereum (ETH) has declined by 3.52% and is currently trading at $3,553. On the hourly chart, a rebound from $3,474 suggests potential upward movement to $3,700 if the daily bar closes near the resistance. However, on longer time frames, the price may drop to the $3,300-$3,400 range or possibly further to the $3,000 zone if bulls cannot regain control.
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Market Overview
According to CoinStats, there are currently no signals of market reversal. The market appears to be maintaining its current trajectory with no major changes anticipated in the immediate term.
Ethereum Daily Performance
The price of Ethereum (ETH) has declined by 3.52% since yesterday. On the hourly chart, ETH is showing signs of recovery, with the rate rising after bouncing back from the local support level of $3,474. If the daily bar closes near resistance, there is a strong likelihood that the upward move could continue, potentially reaching the $3,700 range.
Long-Term Price Trends
In the longer time frame, Ethereum's price appears to be heading towards the support level of $3,354. If bulls fail to take control of the market momentum, the price may continue to drop to the range of $3,300-$3,400. This suggests bearish pressure on the cryptocurrency in the longer term.
Midterm Price Expectations
From a midterm perspective, the situation aligns with the longer-term outlook. A breakout below the $3,354 level could enable the accumulated energy to push prices further down toward the $3,000 zone. Traders should monitor this level closely for potential market shifts.