Ethereum is close to reaching the 78.6% Fibonacci retracement level at $1,594 after rising by less than 0.50%.
The global crypto market cap increased by almost 0.50% to $1.01 trillion the day before, which helped major cryptocurrencies start November 1 in the green. The total volume of the crypto market increased by 22% on the previous day to reach $87.63 billion.
DeFi saw $4.01 billion in total volume, or 4.50% of the cryptocurrency market’s overall 24-hour volume. Stablecoin activity totaled $81.34 billion, or 92% of the total 24-hour volume of the cryptocurrency market.
Ahead of the US Federal Reserve’s monetary policy and rate announcement later this week, the market is generally trading risk-on.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | 1,544.41 |
Ethereum Price Prediction
The price of Ethereum is at $1,494 with a $44 billion 24-hour trading volume. Ethereum has grown by more than 18% during the past week. With a live market value of $195 billion, down from $199 billion yesterday, CoinMarketCap is now ranked second.
On the 4-hour chart, the ETH/USD pair has developed an upward channel that is supporting it near the $1,550 level. A “three white soldiers” candlestick pattern is developing on Ethereum right now, signalling considerable upside potential.
An upward channel is often what starts a bullish trend, and it can take ETH to the $1,660 resistance level. ETH’s price might reach $1,720 or $1,805 if there is a bullish crossover above $1,656.
RSI and MACD, two leading indicators, are remained in the purchase zone. As a result, there is still a good likelihood of a bullish correction above $1,550. A breach below here might expose ETH to $1,404 today, at the same time.
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