Ethereum is back in price discovery as ETH approaches the $5K mark. Ethereum price rallied 3.77% over the last 24 hours to hit a fresh record high at $4,851. ETH price action aims for areas above $5K.
Ethereum price prediction is bullish as ETH continued its price discovery to refresh new record highs on November 08. Ethereum bulls are bolstered by the positive sentiments from the wider cryptocurrency market ahead of a key inflation report from the US this week.
The price of the biggest altcoin my market value is up 3.77% over the last 24 hours hitting a new all-time high around $4,851 on Binance surpassing the November 03 high around $4,650. In the meantime Bitcoin (BTC) reclaimed the $65,000 crucial support level, demonstrating a strong positive market momentum between the two big cryptos.
Ethereum Price Technical Analysis: Bulls aim for $5,160
ETH price technical outlook supports an uptrend, with the price action aiming for the tip of the governing ascending channel upper boundary resistance above the $5,000 level at $5,160 as shown on the daily chart.
At the time of writing, Ethereum price teeters around $4,744. For the bullish momentum to be sustained, ETH must discover support at the $4,740 level embraces by the middle boundary of the rising channel. If this happens, the smart contracts giant may rise to tag new highs above $5,000 with 10K becoming a possibility.
ETH/USD Daily Chart
Ether’s positive market sentiments is echoed by leaders in the crypto space with the global markets managing director at Goldman Sachs, Bernhard Rzymelka projecting that Ethereum will hit $8,000 year end if the token keeps tracking inflation expectations.
The upsloping moving averages and the upward movement of the Relative Strength Index (RSI) indicator towards the overbought region validate Ethereum’s bullish narrative. The RSI’s position at 68.96 is an indication that the bulls are currently stronger than the bears. And as the RSI enters the overbought zone, more buy orders will be placed pushing ETH price towards the target of the prevailing chart pattern.
On the flipside, a drop below the $4,730 support wall could see ETH price drop to tag $4,384 support wall embraced by the lower boundary of the rising channel. Ethereum could take a breather here before continuing the upswing.
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