Ethereum Price Analysis — November 15

Following a steady correction to the $4,520 low (base of my seven-week-long ascending channel), ETH appears to have gained some upward mobility as it breaks above the $4,700 barrier. That said, the behemoth cryptocurrency needs a break above my prevailing trendline at the $4,740 level. A successful close above this line should open the doors for a possible $5,000 price tag for Ethereum in the coming days and weeks. Interestingly, my 4-hour MACD indicator shows that a new bullish cycle is afoot, as trading conditions emerge from bearish conditions.

Meanwhile, my resistance levels are $4,750, $4,800, and $4,900, and my support levels are $4,600, $4,500, and $4,380.

Total Market Capitalization: $2.87 trillion

Ethereum Market Capitalization: $558 billion

Ethereum Dominance: 19.4%

Market Rank: #2