Ethereum Lacks Momentum Above $4,200, But Dips Likely To Be Limited
05 Diciembre 2021 - 11:18PM
NEWSBTC
Ethereum is facing resistance near the $4,250 zone against the US
Dollar. ETH must stay above $4,000 to start a steady increase in
the near term. Ethereum started a recovery wave after a major drop
below $4,000. The price is now trading below $4,250 and the 100
hourly simple moving average. There is a key bullish trend line
forming with support near $4,150 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could start a fresh rally if there
is a clear break above $4,250 and the 100 hourly SMA. Ethereum
Price Recovers Losses Ethereum started a major decline after it
broke the $4,250 support. ETH broke the $4,000 and $3,800 support
levels. It traded as low as $3,327 and recently started an upside
correction. There was a break above the $3,800 and $4,000
resistance levels. Ether price even climbed above the 50% Fib
retracement level of the recent drop from the $4,662 swing high to
$3,327 low. However, it is still trading below $4,250 and the 100
hourly simple moving average. Besides, there is a key bullish trend
line forming with support near $4,150 on the hourly chart of
ETH/USD. An initial resistance on the upside is near the $4,200
level. The first major resistance is near the $4,250 level. The
next major hurdle is near the $4,350 level. It is near the 76.4%
Fib retracement level of the recent drop from the $4,662 swing high
to $3,327 low. Source: ETHUSD on TradingView.com A clear move above
the $4,250 and $4,350 levels could send the price further higher.
The next major resistance is near the $4,500 level. Any more gains
could lift the price towards the $4,650 resistance zone in the near
term. Fresh Drop in ETH? If ethereum fails to start a fresh
increase above the $4,250 level, it could start another decline. An
initial support on the downside is near the $4,150 level and the
trend line. A downside break below the $4,150 support zone might
start a steady decline. In the stated case, the price may perhaps
decline towards the $4,000 level. The next major breakdown support
is $3,820, below which the price could decline towards $3,650.
Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining
pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is now
well above the 50 level. Major Support Level – $4,150 Major
Resistance Level – $4,250
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