Ethereum Price Analysis — November 12

Following a retest of the $4,800 high in the early Asian session today, ETH has suffered a crash slightly below the $4,600 line amid a widespread decline. That said, Ether dipped below my six-week-long ascending trendline and the 4-hour 50 SMA, indicating intense bearish pressure. Bulls need to defend the $4,600 line over the coming days or risk a bearish continuation towards the $4,380 pivot top and possibly lower. A resurfacing above my ascending trendline should invalidate the current bearish trajectory.

Meanwhile, my resistance levels are $4,700, $4,800, and $4,872, and my support levels are $4,600, $4,500, and $4,380.

Total Market Capitalization: $2.80 trillion

Ethereum Market Capitalization: $547.3 billion

Ethereum Dominance: 19.6%

Market Rank: #2