Ethereum (ETH) has to cope with another price setback after a weak previous week. Avalanche (AVAX), on the other hand, is still bullish this week and has reached a new all-time high.
Ethereum (ETH): Price consolidation expands
- Course (ETH): 4,145 USD (Previous week: 4,603 USD)
- Resistance / goals: $ 4,194, $ 4,374, $ 4,441, $ 4,719, $ 4,864, $ 5,073, $ 5,393, $ 6,014, $ 7,027, $ 8,666, $ 11,318
- Supports: $ 4,043, $ 3,898, $ 3,618, $ 3,446 / $ 3,361, $ 3,225, $ 3,048, $ 2,995, $ 2,733, $ 2,659
- Ethereum is falling back to breakout levels at USD 4,043.
- Target price on the upside remains in the $ 5,073 area.
- USD 3,898 acts as a major support level for now.
Ethereum also has to give up in the course of the Bitcoin correction. On Thursday, November 18, yesterday, the second largest cryptocurrency corrected into the blue support zone before the buy side came back on the floor. The relapse below the EMA50 (orange) and the supertrend in the daily chart have left the first slight scratches on the uptrend. As long as the bulls can hold key support at $ 3,898 on a daily closing basis, another bull attack should be anticipated at any time.
Bullish variant (Ethereum):
Ethereum has had to cope with a stronger price correction in the last few days of trading. Investors caused the price to fall 17 percentage points to $ 3,969. Now it is up to the buyer camp to defend the blue support zone and to heave the ether price back above the 4,194 USD as quickly as possible. If the bulls succeed in making the price of Ethereum rise back towards the old high of 4,374 USD in the coming trading days, it will be decided at this price mark whether a renewed attack on the all-time high should be planned. The EMA20 (red) is also found at this resistance level, which is why the bulls have to make some effort to break this resist. If Ethereum rises back above this resistance level at the daily closing price, the level of USD 4,719 comes back into focus. Only when this resistance is dynamically overcome, a retest of the all-time high at USD 4,864 can be expected.
Above the all-time high, the bulls will target the multiple quoted price target of $ 5,073. If Ethereum can subsequently stay above USD 4,374, a price increase up to the 138 Fibonacci extension at USD 5,393 is conceivable in the coming weeks. If this resistance is also broken without any significant price setback, the next price target will be activated at USD 6,014. This target mark is derived from the 161 Fibonacci extension of the current trend movement. If the bulls can outperform this price level in the medium term, a march towards the overarching target price at USD 7,027 cannot be ruled out. The 200 Fibonacci extension of the current trend movement runs here. Investors will take profits again after reaching $ 7,027. As long as the overall market continues to trend bullish in the coming months, the overall price target of USD 8,666 could even be started by the end of the year. In the long term, a breakthrough up to USD 11,318 is also conceivable. This price level is still to be seen as the target for the next six months.
Bearish variant (Ethereum)
Ethereum followed Bitcoin and also came back more clearly yesterday Thursday. The ether price slipped below the important support at USD 4,194 – a first indication of the price weakness. If the bears can cap the price of Ethereum below USD 4,374 in the coming trading days, and the price subsequently marks a new low, a directional decision will be made from USD 3,898. If Ethereum slides permanently below this strong support, a correction widening to around USD 3,618 is likely. This course level is to be regarded as a key mark for the course of the course in the near future. If the bears manage to undercut this support dynamically, the chart image will cloud over further. The correction should then extend to at least USD 3,446.
If there is no bullish countermovement here, Ethereum could lose further ground and head for the USD 3,225 zone. Just below this support level, there are two strong sliding support lines: the EMA200 (blue) and the MA200 (green). The bulls should do whatever it takes to prevent Ethereum from falling permanently below this chart area. If the bears manage to generate enough selling pressure and Ethereum continues to lose ground, a correction widening to USD 2,995 is likely. A retest of the lower edge of the orange support zone at USD 2,733 would also be conceivable. The 38 Fibonacci retracement is paired with the low from September 2021 at this cross support. The maximum bearish price target remains unchanged at USD 2,659. A clear relapse under this support could mean the end of the current price rally.
The RSI is currently showing a sell-signal in the daily chart. However, it reached an oversold state in the last few days of trading. Only when the RSI indicator rises back into the neutral zone between 45 and 55, however, is the risk of a significant correction lessened. The MACD indicator also shows a sell signal and currently still has space to the south. The indicators indicate that the corrective movement could possibly continue a little longer.
Avalanche (AVAX): Off to new all-time highs
- Course (AVAX): 106.63 USD (previous week: 97.25 USD)
- Resistance / goals: $ 111.11, $ 142.56, $ 193.43, $ 244.31
- Supports: $ 91.68, $ 83.52, $ 79.77, $ 74.03, $ 69.96, $ 67.56, $ 61.95, $ 59.11, $ 51.21, $ 40.80, $ 34.80
- AVAX price storms to a new all-time high and works off important price target.
- New target price at USD 142.56.
- 79.78 USD acts as the first important support level.
The price of Avalanche still has no hold and reached a new all-time high of 110.41 USD despite consolidation on the market as a whole. A partnership with the management consultancy Deloitte has recently given the AVAX course a significant boost. The AVAX price thus reached its target price forecast for the coming months during this trading week. If this resistance is also overcome in the coming trading days, Avalanche should be able to start the next price jump.
Bullish variant (Avalanche)
Avalanche continues to show its bullish side. The week’s low bounced north at exactly the EMA20 (red), a very bullish indicator. If the AVAX price can hold above the red support zone in the coming days and leave the zone around USD 111.00 behind, another trend-following movement to new highs must be planned for. Then the 261 Fibonaccci extension at USD 142.57 moves into the focus of investors. In this zone there should be renewed profit-taking in the short term. As long as Avalanche does not fall back below the old all-time high at USD 79.78, an increase to the 361 Fibonacci extension at USD 193.43 cannot be ruled out in the coming months. If the overall market continues to develop positively in the coming weeks, Avalanche should also continue to benefit. In perspective, a price increase up to the 461 Fibonacci extension at USD 244.31 cannot be ruled out either. From the current point of view, this target mark can be derived as the maximum course projection.
Bearish variant (Avalanche)
Only when the bears manage to push the AVAX rate below the EMA20 (red), currently at USD 88.96, could a correction in Avalanche develop. Then the weekly low at USD 83.52 comes into focus as a price target. If Avalanche does not bounce off dynamically to the north, the consolidation movement will expand to around USD 79.78. In addition to the all-time high of September 23, there is also the 138 Fibonacci extension. The bulls will try again here to stabilize the AVAX course. If, on the other hand, Avalanche falls below this price mark, a short-term directional decision will be made in the green support area.
In addition to the EMA50 (orange), the 127 Fibonacci extension also runs here. A ricochet to the north is likely on the first attempt. However, if the seller’s side manages to undercut this zone at the daily closing price, the correction expanded to the supertrend at USD 69.96. A short retest of USD 67.56 is also conceivable and unproblematic from the bulls’ point of view. The bears will have a hard time pushing Avalanche just below this zone.
If, on the other hand, the correction expands significantly in the overall market, Avalanche could also correct further and target the area around USD 59.11. This is where the all-time high of February this year runs. Again, it is necessary to plan with resistance from the buyer side. Only when this support brand is also given up at the daily closing rate, an immediate relapse up to USD 54.35 should be planned. In addition to the lows from October 2021, the lower Bollinger band can also be found here. The maximum price target on the bottom can be found in the area of the purple support zone. In addition to the low of October 12, 2021, the 78 Fibonacci retracement can also be found between USD 51.21 and USD 47.65. In addition, the EMA200 (blue) is just below it. As long as Avalanche does not drop back below the EMA50 in the daily chart, investors can use temporary setbacks for new entries.
The RSI as well as the MACD indicator show a buy signal in the daily chart. However, both indicators indicate an increasingly overbought situation. Temporary price setbacks to cool the indicators down a bit are therefore conceivable at any time.
Disclaimer: The price estimates presented on this page do not constitute buy or sell recommendations. They are only an assessment of the analyst.
The chart images were created using TradingView created.
USD / EUR exchange rate at the time of going to press: 0.87 euros.