If Ethereum Can Maintain One Critical Level, It Will Experience A "Liftoff."
2021-12-27 | Selina Mathew
The Ethereum Price Retains Key Support
Ethereum tried but struggled to break over the $4,150 barrier zone.
ETH has begun a downward correction and is currently trading below $4,100.
There was a breach underneath the 23.6 percent Fib retracement line of the higher run from the swung low of $3,895 to the high of $4,155. The price fell under $4,050 and the 100 hourly simple moving average. The bulls, on the other hand, stayed active at the $4,000 level.
The 50 percent Fib retracement level of the ascending advance from the swing low of $3,895 to the high of $4,155 also served as support. It is presently trading over the 100 hourly simple moving average.
On the positive, an immediate barrier is at $4,100. A large adverse trend line is forming on the hourly chart of ETH/USD, with resistance at $4,100.The next significant resistance is located at $4,155. A clean break over $4,155 would signal the commencement of another big uptrend in the near term. In the light of the circumstances, the cost might rise to $4,250. The price will go above $4,350 in case of any future increases.
Dips in ETH Are Restricted?
ETH/USD 1 DAY PRICE CHART: SOURCE - COINMARKETCAP.COM
If ethereum fails to begin a new uptrend over $4,100, it may fall much deeper. On the negative, the $4,040 level and the 100 hourly SMA provide first support.
Around the $4,000 level, the first important support is emerging. A breach underneath the $4,040 and $4,000 levels on the negative might put a lot of stress on the bulls. In the aforementioned scenario, the price might fall in the near term approaching the $3,920 support zone.
Measures of Technical Performance
Hourly MACD - The
ETH/USD MACD is moving towards the positive zone.
RSI on an hourly basis — The RSI for
ETH/USD is over 50.
$4,000 for Major Support
$4,155 is the major resistance level.
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