We last reported on this pair on the 17th of September. During that time our higher high was set at 489.08125 and price traded at level 383.88300 .Fast forward into today’s price action you will notice the Ethereum price long broke the 489.08125 level. And traded at level 615.7601 where it found resistance before it began retracing.

ETHUSD H4 chart 1 DEC 2020

Looking at the chart analysis you may notice how volatile the market has been these pasts weeks. We believe that there are possibilities that this pair may continue moving bullish towards the 800 level. However, this may take time to reach. Patience is the name of the game. Until there are clear signals to then can we be sure.

In the chart level 615.70601 currently acts as our resistance level for now. If price manages to break past it we could see level 800 exposed . This move is highly possible due to the correlation nature it has with the bitcoin. In the long term we believe that the all time high could be reached . Possibly this could happen next year.

ETHUSD Daily chart 1 DEC 2020

If the Ethereum price does otherwise we could see a bearish movement. We project that the market could drop as form of retracement before price soars bullishly. If level 615.70601 acts as our new resistance we could see price find support at 531.14065. Thus, making our 615 and 531 our new range bound area.

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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