Ethereum short-term Price Analysis: 20 November

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Ethereum short-term Price Analysis: 20 November

The altcoin market has entered a consolidation phase after marching side by side with Bitcoin. Ethereum, the second-largest cryptocurrency has also been following a similar path as the price of the digital asset broke out.

The current value of ETH was $484.29.


Source: Tradingview

The above chart indicated the price surge experienced in the ETH market over the past couple of days. This surge pushed the price of ETH higher noting a higher high. It formed a part of an ascending channel, which saw a break down of the price of ether.

The breakdown resulted after the value of the digital asset breached $500. At $504, the price of ETH began to sell and the large red candle indicated the intense push and pull by the traders, as the low point for the asset’s value was marked at $451.76. This sudden price change pushed past the two supports visible in the market at $466 and $456.

Learn more about the analysis here.