Ether price analysis 15 Nov: will $5,000 be reached this week?

Ether may continue its uptrend this week

Representation of an ether token on a candlestick price chart                                 
What lies ahead for the price of Ethereum’s ether? – Photo: Shutterstock

Ether pulled back after hitting a new all-time high on 10 November but the correction was shallow. This suggests that traders are not rushing to the exit. Strategists believe that strong fundamentals will continue to act as a floor for the biggest altcoin.

Chris Weston, head of research at Pepperstone Financial Pty, said in a recent note that fast money is chasing crypto to hedge against fears of high inflation, and is one of the main reasons for ether’s more than 500% rally and bitcoin’s over 130% move in 2021 

Another positive factor that may be supporting ether’s price is the huge amount of ether being burnt since the London hard fork. According to data from, more than 892,814 ether has been burnt since the upgrade. If the current burn rate continues, analysts estimate a burn of 5.4 million ether every year against 5.4 million ether issued.

Fairlead Strategies' Katie Stockton said in a note on November 2 that if ether sustains above the key level of $4,384, it could continue its uptrend and rally to $6,000 within the next six to twelve months.

Could ether go up and cross the psychological resistance of $5,000 or will higher levels attract profit-booking? Read the ETH price analysis to find out.

Ether price technical analysis: weekly chart

A candlestick chart displaying the price of ether on a weekly basis
Ether technical analysis, weekly – Credit:

ETH’s price rose to a new all-time high of $4,868.91 last week but the bulls could not sustain the higher levels. The ETH/USD pair gave back some of its gains to end the week at $4,627.02, a modest gain of 0.20% over the previous week’s close. 

The pair formed a Doji candlestick pattern last week, which indicates indecision among the bulls and the bears. If this uncertainty resolves to the upside, the pair could climb to $5,000, where the bears may again pose a stiff challenge.

Both moving averages are sloping up and the relative strength index (RSI) is in the overbought zone, indicating that bulls are in control. If buyers push the price above $5,000, the pair could start its journey to $6,731.

Contrary to that, if the price turns down from current level and falls below $4,381.71, it will indicate that traders are booking profits. The pair could then drop to the 20-day exponential moving average (EMA). 

Ether price technical analysis: daily chart

A candlestick chart displaying the price of ether on a daily basis
Ether technical analysis, daily – Credit:

ETH’s price hit a new all-time high of $4,868.91 on 10 November. Traders may have booked profits, pulling the price down to the 20-day EMA. This is an important support to watch because bears have not been able to pull the price below it since 1 October.

The long tail on the 14 November candlestick shows that bulls purchased the dip to the 20-day EMA. The buyers will now try to propel the price above the overhead resistance of $4,868.91. If they succeed, the uptrend could resume.

The rising 20-day EMA and the RSI in the positive territory indicate that the path of least resistance is to the upside.

This bullish view will be invalidated if the price turns down from the current level and breaks below the 20-day EMA. That could open the doors for a possible decline to the 50-day simple moving average (SMA).

Ether buy or sell this week

Ether’s price analysis shows that bulls are buying on dips to the 20-day EMA. This suggests that sentiment remains positive and increases the possibility of a rally to $5,000. Bears will have to sink and sustain the price below the 20-day EMA to indicate a change in the short-term trend.

The views and opinions expressed in the article are those of the author and do not constitute trading advice. Trading and investing involve substantial risks and you should do your own research or contact your financial adviser before arriving at a decision.

Ethereum to US Dollar
Daily change
Low: 4027.71
High: 4114.53

Further reading

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