Ethereum price start a fresh rally, likely to continue higher towards $450 and $465
Bitcoin and Ethereum price have both exploded higher in the past 24 hours. BTC price increased 8% in the past 24 hours as buyers flocked in. This protest drew many as #Bitcoin hashtags were trending on Twitter in Canada and the UK, and even in the US. Also, Ethereum price cleared the $ 405 and $ 410 resistance levels to initiate a fresh rally, following Bitcoin’s rise. ETH price is likely to continue higher to $ 450 and $ 465.
ETH/USD 4-hour chart | Source: TradingView
Youtuber Casey Neistat is up around 1,000% on his investment in ETH
Casey Neistat, a famous Los Angeles-based Youtuber and businessman, expressed his excitement for Bitcoin and Ethereum. While he did not reveal at what price level he bought BTC, he did reveal at which price he bought Ethereum.
Specifically, he bought ETH for $ 40 in 2017 and still keeps the money he bought. Assuming this is true, it means that the famous YouTuber has increased about 1,000% on his investment. He did not disclose how much money he put into Ethereum. He also did not disclose how much money he put into Bitcoin.
i was buying eth at $40 back in ’17. still holding
— Casey Neistat (@Casey) November 5, 2020
Neistat talks about Etheruem coming amid an accumulation of crypto institutions. First, Australia’s central bank, the Reserve Bank of Australia, recently announced that it would adopt an Ethereum-based platform for the central bank’s digital currency experiments.
This is not the first time that Neistat has mentioned cryptocurrency, whether that’s Bitcoin or Ethereum. He tweeted out the “BEST BITCOIN EXPLAINER EVER” to his Twitter feed in December 2017, just before the blow-off top that shook the industry and Wall Street.
He also asked if Elon Musk would accept Bitcoin for the upcoming Tesla Roadster. Of course, Musk has taken an interest in the leading cryptocurrency and Ethereum, being someone in tune with Silicon Valley and technological trends. Unfortunately for Neistat, Musk never responded to his offer about using Bitcoin for the Roadster.
Ethereum price is up more than 6%, and it has broken out of the key resistance of $ 420
After forming a support base above $ 400, Ethereum has initiated a strong up move. ETH price broke the $ 405 and $ 410 resistance levels to move into positive territory and initiate the recent rally.
The price gained momentum and it broke through the $ 420 resistance. The move up to the Ether level even spiked above $ 440 and it stabilized above the 100 hourly simple moving average. New monthly highs formed near $ 442 and the price is currently correcting lower.
Ether is trading below the $ 435 support, plus it is trading below the 23.6% Fib retracement level of the recent rally from the $ 407 low to $ 442 high. On the other hand, there’s plenty of support, starting at $ 424.
The 50% Fib retracement level of the recent rally from the $ 407 low to the $ 442 high is close to $ 424 to provide support. There is also a major uptrend line forming with support near $ 420 on the hourly chart of ETH / USD. On the upside, $ 435 is the initial resistance. The first major hurdle is near $ 440, above which the price can easily test $ 450. Any further rally could lead the price to the $ 465 resistance.
If Ethereum fails to break out of the $ 435 and $ 440 resistance level, it could correct lower. The first major support on the downside is near $ 424. Major breakout support is forming near the trendline and $ 420. If ETH breaks the trendline support, it could continue to move. Down to the $ 400 support zone or the 100 hourly simple moving average.
You can see the Ethereum price here.
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