Cryptocurrency Analysis

24th November: BTC/USD Break above 19,000, ETH/USD Takes Respite above 600

By November 25, 2020 No Comments

Konstantin Anissimov, Executive Director at CEX.IO


BTC/USD opened on Tuesday, 24th November, at 18,370. After the open, the pair was trending sideways mainly between 18,305 and 18,520. But the hammer candlestick on the hourly timeframe between 6:00 and 7:00 UTC gave the pair enough rising stimulus to break above 19,000 later in the day.

Starting from 8:00 UTC, the pair began rising from 18,415 and reached 19,445 at the day’s peak between 15:00 and 16:00 UTC. The candlestick finished as a hanging man and was followed by another hanging man candlestick between 16:00 and 17:00 UTC, providing intraday selling opportunities. From 17:00 to 18:00 UTC the pair edged lower to 19,225.

The day’s dynamics in BTC/USD on 24th November allow to assume that the pair would continue edging higher and we may even see it reach 20,000 before the end of November. However, as Bitcoin’s price nears its historical high the buyers should be wary of the risks of potential corrective downswing.


On 24th November, the smart-contract market leader took a break in its ongoing massive bullish wave. Having opened at 608.8, ETH/USD was trading within the corridor between 620 and 590 throughout the day. The volatility increased between 6:00 and 11:00 UTC when the price made three subsequent fluctuations from the lower to the upper boundary of the sideways channel, but closer to the day’s end the pair steadied between 600 and 610.

Ethereum’s recent price actions has finally revitalised the Ethereum community that has long been waiting for the token to close in on Bitcoin’s strong gains. The Ether locked in the Ethereum 2.0 deposit contract is nearing 400,000 ETH, with 524,288 ETH needed for the genesis phase of Etherum 2.0 to start. Apparently, the nearing protocol update on the Ethereum network increases bullish sentiment for the token, driving ETH/USD higher.

The closest upside target for ETH/USD is the 1.618 Fibonacci level at 648. The one after that will be 792.5 weekly resistance level. Considering the ongoing price action in ETH/USD and on the cryptocurrency market in general, we are eligible to expect the ETH/UTC reach 648 by the end of the week of 23rd November.