Ethereum Price Prediction (Nov- 21): Will the Token Rebound?
Key takeaways
- The ETH is trading at around $2,743.15, and the price is down by 9% in the past 24 hours.
- The price of ETH is projected to stay within a price range of $2.6k to $2.7k for today. If the sell-off continues, further corrections may be in store.
- Nevertheless, a rebound can not be ruled out as the 14-day Relative Strength Index (RSI) had already entered the oversold territory.
- The crypto market continues to be under pressure as stronger-than-expected labour data accentuated the uncertainty over December Fed rate cuts.
- The traders are also closely watching for the release of inflation data, which will be crucial in deciding the direction of monetary policy.
Ethereum Current Market Scenario: How is ETH Faring Now?
The ETH is trading at around $2,743.15, and the price is down by 9% in the past 24 hours. The market cap touched $1.68 trillion. 24-hour trading volume increased over 33% reaching $51.11 billion. The Fear & Greed Index value of 11 (Extreme Fear) suggests that investors are extremely cautious. Furthermore, the high volatility remains a cause of concern. Below are the key market indicators and their value.
- Fear & Greed Index: 11 (Extreme Fear)
- Market Sentiment: Bearish
- Supply Inflation: 0.22% (Low)
- Dominance: 11.41%
- Volatility: 9.72% (High)
Ethereum Price Prediction Today
The price of ETH is projected to stay within a price range of $2.6k to $2.7k for today. If the sell-off continues, further corrections may be in store. Nevertheless, a rebound can not be ruled out as the 14-day Relative Strength Index (RSI) had already entered the oversold territory.
ETH Price Prediction Tomorrow, & This Week
The price of the ETH is forecasted to remain within an average price range of $2,328.38 to $2,717.3 for the upcoming weeks if the market continues to reel under macro pressure.
| Date | Day of week | Daily Low | Daily High | Average |
|---|---|---|---|---|
| 22/11 | Saturday | $2,687.32 | $2,747.27 | $2,717.3 |
| 23/11 | Sunday | $2,580.64 | $2,766.27 | $2,673.46 |
| 24/11 | Monday | $2,536.1 | $2,740.65 | $2,638.38 |
| 25/11 | Tuesday | $2,523.2 | $2,687.22 | $2,605.21 |
| 26/11 | Wednesday | $2,450.28 | $2,642.81 | $2,546.55 |
| 27/11 | Thursday | $2,366.65 | $2,580.88 | $2,473.77 |
| 28/11 | Friday | $2,254.07 | $2,402.69 | $2,328.38 |
Market Outlook: Technicals, Institutional Activity & Macro Trends
The major factors affecting the price of ETH include the evolving macro conditions, technical aspects, and institutional interest. Here is a detailed take on each of these factors.
The Weak Technical Signals Indicate Bearish Sentiments
The ETH is trading below the 10-day Exponential Moving Average (EMA) and the Simple Moving Average (SMA). The current price is also below the 200-day Simple Moving Average. The MACD is having a bearish crossover. The 14-day Relative Strength Index (RSI) entered the oversold territory.
The current RSI value of 27 indicates that a trend reversal can not be ruled out. Nevertheless, the market-wide crash is mainly due to mounting macro pressure, which is hard to ease at the moment. The ETH failed to hold $3k level, and the next Fibannoci support level available is 2,691.7
The Record ETF Outflows See the Mounting Selling Pressure
The ETH Exchange Traded Funds (ETFs) have recorded a net outflow of $216.60 million. The record outflows suggest the fading institutional interest amid the market-wide slowdown. Besides, the fall from the critical point $2,800 led to cascading liquasations as well.
The Fed Rate Cuts Odds Go Down
The latest stronger-than-anticipated labour data further decreased the hopes for the December Fed rate cuts. According to data released by the U.S. Bureau of Labour Statistics yesterday, November 20, the job market showed modest growth in September, adding 119,000 jobs, while the unemployment rate remained largely unchanged at 4.4%. The cooling employment conditions exacerbated the uncertainty over the December Fed rate cuts.
The CME FedWatch data shows that market participants currently place 32.9%
probability of the Federal Reserve decreasing its target rate at the upcoming Federal Open Market Committee meeting on December 10. This has led to risk-off sentiments among the investors, triggering a crypto market-wide sell-off, causing the ETH price to plunge.
The Bottom Line: What’s Ahead for ETH?
The crypto market is having a tough time as investors are moving away from riskier assets. As for ETH, the next most anticipated event is the Fusaka update scheduled for early December. Besides, the traders are also closely watching for the release of inflation data, which will be crucial in deciding the direction of monetary policy. Amid these uncertainties, the investors are advised to exercise necessary caution.
Disclaimer: The Above crypto price forecasts are based on predictive modelling and should not be considered financial advice.
Also Read: Bitcoin Crash: Bitcoin Falls Below $81K as Strong Jobs Data, Inflation Weigh on Rate Cut Hopes
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