ETH Price Analysis: ETHUSDT Faces Bearish Divergence Setups Across Multiple Time Frames

By Sunil Sharma
Published November 1, 2021 Updated November 1, 2021
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ETH Price Analysis: ETHUSDT Faces Bearish Divergence Setups Across Multiple Time Frames

By Sunil Sharma
Published November 1, 2021 Updated November 1, 2021

Data from BitinforCharts shows a rise in Ethereum transaction fees up to 2,293% since late June. The average transaction fee on the Ethereum network was about $22.52 just seven days ago. The transaction fee in October was $45.74 according to Decrypt. Meanwhile, Securities Regulators in Australia recently issue new positive guidelines on Ethereum and BTC exchange-traded products-ETPs.

Ethereum’s Altair upgrade is a major step towards the long-anticipated Ethereum 2.0, which is by far a greener, more secure, and cheaper network. Most importantly, the Altair upgrade is designed to make for a transition of the Ethereum network from a proof of work to a proof of stake consensus mechanism.

Read on as we identify the significant support, resistance levels, and chart patterns that drive the ETHUSDT exchange rates.

Ethereum (ETH) Weekly Chart Analysis

The weekly chart of the ETHUSDT already sets a higher exchange rate compared to the lower RSI reading, and consequently signaling a regular bearish divergence pattern.

Although the technical chart shows an impending bearish divergence, recent fundamental events such as the burning of ETH may lead to higher ETH prices and higher RSI readings, which could nullify the bearish divergence altogether.

Ethereum (ETH) Daily Chart Analysis

The daily time frame of the ETHUSDT is in an uptrend with the RSI printing higher values above level-25 and level-75, the on-chart RSI above shows values of the RSI from a 4HR time frame, therefore timing the entry points after every significant price correction.

Let’s move down to the 4HR time frame

Ethereum (ETH) 4 Hr Chart Analysis

A bearish divergence signal on 29 October 16:00 sets resistance at $4460.47 resulting in a price pull-back of the ETHUSDT exchange rate. 

Though the intraday chart reflects a slowing of bearish momentum, a collapse of the $4232.20 support should signal a further price slump to the $3890.00 mark.

Also note that RSI readings below level-25 on the 4HT time frame, suggest a price bottom for the uptrend on the daily time frame, which continues to show higher values above level-25.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
292 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com