Technical Analysis

ETH/USD Analysis – November 01, 2021

By LonghornFX Technical Analysis
Nov 1, 20213 min

Ethereum Price Analysis

The ETH/USD was closed at $4237.60 after placing a high of $4393.48 and a low of $4170.48. ETH/USD dropped on Sunday for the second consecutive session despite positive developments surrounding the ecosystem of ETH. The Ethereum network successfully implemented the London hard fork upgrade about 87 days ago, and since then, almost 700,000 ETHs have been burnt, which accumulated at the current exchange rate of $2.4 billion.

The data from Dune Analytics suggests that about 702,886 ETH tokens have been burned on Halloween. The burning was started on August 5, 2021, when the Ethereum network first launched the London hard fork and EIP1559.

The London hard fork brought about five different changes to the network. However, two of them were main, including EIP-1559 and EIP-3554. While EIP-1559 changed the fee rate of Ethereum to a new scheme that makes the crypto asset deflationary, EIP-3554 changed the network’s difficulty bomb.

Today, the biggest ETH burner is the NFT marketplace Opensea, which has burned about 91,171 ETH. Several transactions made by users and organizations have burned about 63,441 ETH. Uniswap has burned about 51,217 ETH, which makes it the third-largest ETH burner. At the same time, Tether is the fourth largest burner on the network.

Ethereum has been gaining mainly because of the hype around the NFT marketplace. The NFT industry generated about $10.67 billion in trading volume during Q3 of 2021, which marked a 704% increase from Q2. Ethereum accounted for 77.73% of all blockchains, and Ronin accounted for 19.53% of the numbers. The hype around NFT seems to be not ending soon as the traction they are gaining is at an all-time high level and is continuing to climb higher, which means blockchains contributing to it like Ethereum are also going to benefit from further it and rise in value in the future.

Furthermore, Australian investors will soon be able to invest in Bitcoin and Ether spot ETFs as the Australian Securities and Investment Commission (ASIC) has released a guideline on Friday regarding the requirements related to crypto exchange-traded products. It has also allowed investment funds to offer their customers ETFs pegged to cryptocurrencies to give them direct exposure to digital assets. The approval of BTC and ETH ETFs added further value in both cryptocurrencies, respectively.

ETH/USD Intraday Technical Levels

Support Resistance

4174.22 4397.22

4060.85 4506.85

3951.22 4620.22

Pivot Point: 428385

ETH/USD - Technical Outlook

The ETH/USD is trading at the 4,207 level, having turned bearish after testing a resistance level of 4,412. At the moment, the ETH/USD’s immediate support prevails at the 4,145 level, and a bearish breakout below this level exposes the pair towards the 4,052 level.

On the resistance side, the ETH/USD’s immediate resistance holds around the 4,277 level, and a bullish breakout of this level exposes Ethereum towards the 4,368 level. Further on the higher side, the next resistance level can be seen at 4,368 and 4,458.

However, the formation of bearish engulfing candles supports a selling bias. Alongside, the RSI and MACD are holding below 50 and 0 levels, respectively, supporting a selling trend in the ETH/USD pair. All the best!


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