Is Ethereum Staging a Short-Term Rally - Price Analysis.
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Ethereum Bears Anticipate An 8% Price Correction As It Falls 100-Day SMA.
2021-12-17 | Daniel Smith
ETH/USD 1 DAY PRICE CHART; SOURCE - COINMARKETCAP.COM
On the plus side, the bearish hypothesis might be demolished if the ETH price breaks through the immediate barrier around $3,920, which is hugged by the 100 SMA. If this occurs, Ethereum's price may be able to reverse the declines that occurred on December 1st by bursting through above the top border of the current cha;rt pattern at $4,117. Any additional advance, though, might be hampered by stiff opposition from the $4,430 level and the $4,337 level, where the 50-day SMA is located. Ethereum bulls would require market support to surmount these obstacles, which might drive the ETH price higher to the apex of the falling parallel channel around $4,840, following which a push to explore fresh values over $5,000 would be the following sensible decision. The MACD is beyond the zero line in the positive area, lending confidence to this bullish forecast.
