Crypto Outlook: 11/1/21 - 11/5/21
New ATH for Ethereum, Dogecoin taking off… This week has been another explosive one in the crypto market! Let’s study it all together.
One week after Bitcoin, Ethereum hits a new all-time high
ETH has benefited from the recent crypto market craze. Up nearly 55% since the end of September, Ethereum has just surpassed its previous high of $4,380 reached in May, during the crypto markets’ previous peak.
The Beacon Chain and Altair Update for Ethereum
Earlier this week, Ethereum lead developer Raul Jordan announced that the Altair update to the Beacon Chain has been successfully deployed. According to a document published earlier this year on the Ethereum Foundation blog , Altair is an update that brings thin client support, fixes incentive-related issues, and implements a validator-based inactivity leakage accounting system.
The article also states that this update represents a “preparatory update” for the Beacon Chain and its customers. Specifically, the update brings several key features to the Ethereum 2.0 network. The Altair upgrade is the first major update to the network since the London hard fork was deployed in August. Chris Weston, director of research at Pepperstone, said “The momentum we’re seeing right now seems so strong.” He said the recent technical update to the Ethereum network may have contributed to the boom.
This week, Dogecoin also made a magnificent bullish push by reaching the $0.32 price zone. The price followed perfectly the bullish analysis we had shared in our Discord, Telegram, as well as our Twitter groups.
Where might the price be headed this week? That’s what we’ll be looking at right now with our full list of analysis.
Ethereum (ETH/USD): A retracement ahead?
After that huge bullish impulse that led to the creation of the new ATH, price could retrace and correct some of that large-scale bullish move. ETH could then head towards its next key technical support area, located around $3900.
Bitcoin (BTC/USD): False breakout and bearish correction?
After being largely bullish for several weeks, BTC could correct to the next support area around $55,000. The price has broken its short-term uptrend channel, but this break could turn out to be a false break given the lack of power in the new impulse created by the latter.
Dogecoin (DOGE/USD): Rebound on the confluence zone and bullish continuation?
Doge could continue its uptrend in case of a significant rejection of this key support zone in confluence with the uptrend line also acting as support.
Litecoin (LTC/USD): Towards a bullish continuation?
Litecoin (LTC/USD) could continue upward if this short-term bearish channel is broken from above. The price seems to be rejecting the previous resistance zone now acting as support, and could make a new push in the direction of the trend.
Ripple (XRP/USD): Heading for the next resistance?
Ripple has broken through its bearish channel from the top and could soon continue towards the next major resistance located around $1.25. Bullish impulse approaching?
We hope that this article will help you prepare for another week of trading, and that we have helped you to better understand what happened the week before. We put education first and do everything we can to help you progress.
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Have a great trading week everyone, and thank you for your loyalty.
Please note that these analyses are based on price action elements only and are in no way trading or investment advice.