On Tuesday, November 5, the Ethereum price rose by 1.22%, but will it continue to rebound or fall lower? The upcoming U.S. elections will play a key role in increasing market volatility, but the short-term outlook remains uncertain. Regardless, let’s explore whether ETH has already hit bottom and will rebound or slide further, continuing its sluggish performance into 2024.
Analysts are pondering whether the Ethereum price will rebound.
Prominent analyst IncomeSharks posted on the social media platform X about how the OBV or On-Balance Volume indicator shows a consistent upward trend. This outlook is promising, aligning with the super trend indicator that has been supporting ETH since October. If this trend continues, the Ethereum price may rebound from the bottom, reversing the current downtrend.
While IncomeSharks is bullish and expects a reversal in the value of ETH, others are less optimistic. Another prominent analyst, ColdBloodShiller (also known as CBS), posted his bearish setup for Ethereum on the social media platform X.
According to CBS, the Ethereum price is in a 'sluggish' state and may form a 'lower high.' He further clarified that his bearish inclination is due to the RSI being rejected in the weekly and three-day time frames. Additionally, the trend line that has supported Ethereum's uptrend since September 2024 has also been broken.
ETH Price Analysis: Ethereum is in an unstable state.
The Ethereum price has been consolidating over the past 90 days, forming a value area from $2,432 to $2,689. 70% of the trading volume over the past three months occurred in this value area. The highest volume level is $2,620, also known as the Point of Control (POC).
The downtrend has pushed ETH below the VAL of $2,432, but the recent rise suggests that if it can break above that level, ETH may experience a rebound. However, due to the upcoming U.S. elections, Ethereum is less likely to continue rising. A drop to $2,432 could trigger a 12% retracement to $2,136. Further spikes in selling pressure could push ETH down to $1,924.
On the other hand, if it rebounds above $2,432 and successfully breaks through that level, it may open the path to $2,689.
#美国大选后涨或跌？ $ETH
