Ethereum rallies in tandem with Bitcoin hitting $440, the US election count on the last stroke

By John Isige
Published November 6, 2020 Updated November 6, 2020
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Ethereum rallies in tandem with Bitcoin hitting $440, the US election count on the last stroke

By John Isige
Published November 6, 2020 Updated November 6, 2020
  • Ethereum price extended the majestic rise above $400 to $440, but bulls focus on $500.
  • Ethereum 2.0 launch nears as investors rush to accumulate in anticipation of the price rallying to $1,000.

The largest altcoin rallied past $400 on Thursday, suggesting that its correlation with Bitcoin is still relatively high. At the time, Bitcoin settled above $14,000 but Ether hit a barrier at $410. A retreat occurred with ETH/USD forced to seek refuge at $400 before resuming the uptrend.

Meanwhile, Bitcoin rallied extensively almost touching $16,000 while Ethereum made a quick close in on $450. The United States election results are yet to reach the final tally but the counting is approaching the ultimate end. The entire world is anxious to know who wins the election. However, analysts believe that it would be beneficial for the crypto market if either Joe Biden or Donald Trump win.

At the time of writing, the smart contract token is changing at $438 amid the rally eyeing $450. Ethereum whales are reported to be stocking the token in preparing for the much-anticipated launch of Ethereum 2.0. In other words, Ether is likely to resume the uptrend, perhaps rising significantly towards $400 whether Bitcoin stalls or continues with the ongoing spike to $20,000.

ETH/USD daily chart

ETH/USD price chart
ETH/USD price chart by Tradingview

The Relative Strength Index (RSI) is almost hitting the overbought, which suggests that Ethereum has some room for growth before a reversal comes into the picture. For now, all eyes are fixated on breaking the immediate hurdle at $440 and allowing ETH to rally to $450.

The IOMAP model by IntoTheBlock reveals the absence of strong resistance heading to $500. In other words, Ethereum bulls could easily settle the second-largest cryptocurrency above $500 in anticipation of the Ethereum 2.0-triggered rally to $1,000.

Ethereum IOMAP chart

Ethereum IOMAP model
Ethereum IOMAP model by IntoTheBlock

On the flip side, the most robust support runs from $384 to $397 2 million addresses had previously bought 15.9 million Ethereum. It means that Ethereum has significant room for reversal before hitting formidable support. Therefore, higher support is required to ensure the rally continues to $500.

Ethereum intraday levels

Spot rate: $438

Relative change: 19

Percentage change: 4.4%

Trend: Bullish

Volatility: High

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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
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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