Crypto

Cryptocurrency Analysis »Ethereum (ETH)» December 6, 2021

The price of the cryptocurrency Ethereum (ETH) has mainly been capped between $ 4,868 and $ 3,900 USD in recent days. Although the bears pushed the price below the range on December 4, they were unable to sustain the lower levels. The bulls bought this channel aggressively, as shown by the long wick of the daily candle.

Ethereum Daily Chart (ETH / USDT)

Source: TradingView

If the bulls hold the price above $ 3,900 USD, the Ethereum price could reach the moving average of the 20-day EMA ($ 4,326). A breakout and close above this level could pave the way for a possible rally to the top at $ 4868 USD. The bulls will need to break through this barrier to signal the resumption of the uptrend.

Contrary to this assumption, if the price falls from the current level, the bears will once again try to sink and hold Ethereum below $ 3,900. If they are successful, the price of the ETH cryptocurrency could fall to the strong support of $ 3,400 USD.

Ethereum (ETH / USDT) 4-hour chart

ethereum cryptomonnaie eth 4h 06122021Source: TradingView

Ethereum’s rebound is facing stiff resistance near the 61.8% Fib retracement level at $ 4215.12 USD. The EMA-20 moving average is falling and the RSI is in negative territory, indicating a minor advantage for bears.

Below the support level at $ 4,000 USD, the price of Ethereum could fall to $ 3,823.98 USD. A breakout and close below this level could result in a retest of $ 3503.68.

Conversely, if the bulls push the price above the moving averages, Ethereum could hit $ 4654.88 and then challenge its all-time high.

By Rakesh Upadhyay, Cointelegraph

Rakesh has over 15 years of experience in trading various asset classes as a full-time technical analysis trader. He was introduced to cryptocurrency in 2016 and was immediately hooked. In addition to analyzing charts, Rakesh enjoys going to the gym and lifting weights.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.

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Disclaimer: The information and opinions in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.

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