Ethereum ETH Price Analysis: Intraday Hidden bullish divergence signals trend continuation for the ETHUSDT

By Achal Arya
Published November 7, 2021 Updated November 7, 2021
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Ethereum ETH Price Analysis: Intraday Hidden bullish divergence signals trend continuation for the ETHUSDT

By Achal Arya
Published November 7, 2021 Updated November 7, 2021

Bakkt, the crypto trading platform which had limited offerings to Bitcoin BTC, recently announced the addition of Ether to its platform. In the announcement, the firms’ representative stated that they have met the necessary requirements and approvals and built the technology to start offering Ethereum on the Bakkt platform, which should go live in the coming weeks.

Bakkt also offers custody services and derivative trading in addition to retail offerings of Bitcoin and Ether.

Swedish financial regulator Finansinspektionen has called for the prohibition of energy-intensive crypto mining blockchains such as those of Bitcoin and Ethereum, stating that miners threaten Sweden’s ability to meet the Paris Agreement. The Swedish Environmental Protection Agency is also believed to share the same view as the regulator.

The crypto fear and greed index falls from level-73 to level-71 at press time and Last month’s extreme greed level was at level-76. Now, we expect traders to be more risk-averse if the index goes into extreme greed territories by the end of this month.

Let’s analyze the charts of the ETHBTC and ETHUSDT for insights into the trend direction.

Ethereum ETHBTC Monthly Chart Analysis

Ethereum

The above weekly chart of the ETHBTC shows growing demand for ETH vs. BTC ahead of Eth’s transition to ETH 2.0.

Current RSI values above level-25 and level-75 alongside a breakout above bearish inside-bar resistance [0.069138] after the close price of 01 August’21, confirms further price surge beyond the 01 May ’21 price peak.

Ethereum ETHUSDT Weekly Chart Analysis

Ethereum

The weekly chart of the ETHUSDT remains bullish following a hidden bullish divergence pattern that sets support at $1700.48.

A new all-time high is established and we anticipate an explosive demand for the ETH if the current week can close above the previous ATH [$4372.72] resistance.

Ethereum ETH Daily Chart Analysis

Ethereum

Hidden bullish divergence patterns confirmed a continuation of the uptrend as the relative strength index continues to print higher values above level-75 on the daily chart above.

The bears stand no chance as the growing demand for ETH smashes all resistance levels established by bearish divergence signals.

Let’s move down to the 4HR time frame.

Ethereum ETH 4HR Chart Analysis

Ethereum

Rounding up our analysis on the 4HR time frame of the ETHUSDT, the crypto pair finds support above the 04 November 16:00 level [$4412.00] following a hidden bullish divergence pattern.

We expect a price hike from the current price levels to breach the $4665.19 resistance going into the coming week.

Ethereum ETH Intraday Level

  • Spot rate: 4466.92
  • Mid–Term Trend [H4]: Strong Bullish
  • Volatility: High
  • Support: $3888.00, $4143.18, and $4412.00
  • Resistance:  $4665.19

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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
Achal Arya
532 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

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