Ether is currently more than 9% off Tuesday’s low. Buyers seem to be gaining the upper hand over sellers. At this rate, the price of Ethereum (ETH) could hit $1415 by the end of the week.
Ether about to cross resistance R2
Ether price bounced off the week’s pivot point on Tuesday. This level is found at $1166, which lines up with the 50 4-hour moving average. Since this weekly pivot point, this crypto is currently in a 9% uptrend. But on top of that, the bullish pressure has seen Ether break through the R1 resistance which sits at $1256.38. The key level of $1290, quoted during the previous analysis, has also been broken. With this rise, the price is poised to break through the next R2 resistance at $1323.
If so, we could be looking at Ethereum (ETH) at $1415 at the weekend. This is the next resistor R3. But not only that, this level also lines up with a key support/resistance zone since July. Then, half of the long red candle of November 8 is on this level. Thus, this is a critical resistance that is a major hurdle for Ethereum buyers.
High volatility on approach
Markets are currently gearing up for a volatile session tomorrow. Indeed, according to the economic calendar, the Fed will have to publish, tomorrow, the two economic news, the most awaited this week. These are the NFP and the unemployment rate. Thus, a considerable increase in trading volume should be expected.
With this high volatility looming, there will be a big battle between buyers and sellers. This will cause sudden upward and downward movements on the Ethereum (ETH). Thus, it could be that the price goes down to the support of $1225, before starting an upward explosion.
If the price breaks this support, Ethereum (ETH) can go down to the pivot point. This is a critical level that will likely act as support. However, in the event of a break of this pivot, it will be the S1 support of $1101 that will have to rebound the price.
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