Ethereum Is Still Backed, But What Could Spark A New Protest?
2021-12-08 | Selina Mathew
Ethereum's Price Holds Stable
Ethereum has accelerated over the $4,000 and $4,150 barrier levels. ETH even went beyond the $4,250 barrier and closed far above the 100 hourly simple moving average. The price surpassed $4,400 and reached as high as $4,426. It is presently reversing gains and trading below $4,350. The price of ether has fallen below the 23.6 percent Fib retracement level of the latest rise from the $3,901 swing low to the $4,426 high.
The bulls, on the other hand, were strong at the $4,250 mark and the 100 hourly simple moving average. It is currently trading above $4,300. On the hourly chart of
ETH/USD, there was a break above a significant contracting triangle with resistance at $4,310. On the upside, an early resistance is at $4,350. The first significant resistance is located at $4,400. The next significant stumbling block is around $4,520.
A decisive break above $4,420 might drive the price upward. In the aforementioned scenario, the price might drift around $4,550 in the short future.
Dips in ETH Are Limited?
If
ethereum falls short to start a new uptrend over $4,350, it may prolong its downward trend. On the negative, an initial support level is at $4,300. The main support level is currently emerging at $4,250 and the 100 hourly simple moving average. If there is a definite break below the $4,250 support, the price may continue to fall. The very next key breakdown support is $4,150, or the 50% Fib retracement level of the current rise from the $3,901 swing low to the $4,426 high, below which the price might fall to $4,000.
Indicators of Technical Performance
ETH/USD 1 DAY CHART: SOURCE- TRADINGVIEW.COM
Hourly MACD - The ETH/USD MACD is moving towards the positive zone.
Hourly RSI - The RSI for ETH/USD is presently well over 50.
$4,250 for Major Support
$4,400 is the major resistance level.
Leave a comment
Your email address will not be published. Required fields are marked *
