Hello and welcome to News BTC’s Market Outlook November.
Ethereum continues to grind to the upside, reaching the $380 level during the day on Tuesday. This market continues to find buyers near the 20 SMA on the 4 hour chart, suggesting that there should be dynamic support near the $355 level, and the pullbacks offer buying opportunities that we can take advantage of. A break above the $400 level is probably coming longer-term, but expects significant psychological resistance initially when we get to it.
This market is essentially “dead money” currently, as both currencies are finding strength. However, longer-term I believe that this market will probably dip, perhaps reaching down to the 0.042 level. Rallies will have to deal with a massive amount of resistance at the 0.048 level.
Thanks for watching, I’ll be back tomorrow.