web3.0Ethereum (ETH) Price Prediction: Will It Bounce or Crash Lower? US Elections to Add Market Volatility
Ethereum price is up 1.22% on Tuesday, November 5, but will it continue to bounce here or crash lower? The upcoming US elections will play a pivotal role in adding volatility to the markets, but the short-term outlook remains uncertain.
Ethereum price showed signs of recovery on Tuesday, November 5, with a 1.22% increase. However, the upcoming US elections could introduce significant market volatility, making the short-term outlook uncertain. Despite the колебания, some analysts are attempting to determine whether ETH has reached a bottom and will rebound or continue its poor performance in 2024.
IncomeSharks, a well-known analyst, highlighted on social media platform X how the OBV or On Balance Volume indicator shows a sustained uptrend. This outlook is bullish and aligns with the Super Trend indicator, which has been acting as support for ETH since October. If this trend continues, Ethereum price could form a bottom and bounce, initiating a reversal of the ongoing downtrend.
While IncomeSharks is bullish and anticipates the value of ETH to reverse, others are not as optimistic. ColdBloodShiller, another popular analyst, also known as CBS, posted his Ethereum short setup on social media platform X.
According to CBS, Ethereum price is in a “rancid” spot and could be forming a “lower high.” He further explained that his bearish bias is due to the rejection of RSI on the weekly and three-day time frames. Moreover, the trend line that supported Ethereum’s uptrend since September 2024 has also breached.
ETH Price Analysis: Ethereum In Precarious Position
Ethereum price consolidation in the past 90 days created a value area that spans from $2,432 to $2,689. This value area represents where 70% of the volume was traded in the past three months. The highest volume traded level is at $2,620, which is also known as the Point of Control (POC).
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