Ethereum Is Still Backed, But What Could Spark A New Protest?

Ethereum Is Still Backed, But What Could Spark A New Protest?

2021-12-08 | Selina Mathew

Ethereum Is Still Backed, But What Could Spark A New Protest?

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

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.

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