ETHEREUM PRICE ANALYSIS CMP-$1,205: As the channel line pattern breaks, bulls are eager to strike

In the previous 16 hours, 

Ethereum price analysis has been bullish. However, the brief rally seems to be over. 

Following a large drop in the previous few days, Ethereum price analysis has finally reversed itself.

The Ethereum coin price rebounded from $1080 support on November 22nd with a tweezer bottom candle pattern. This bullish reversal pushed prices up 9% to a combined barrier of $1180 and a downward trendline.

Ethereum has begun a decent recovery wave against the US dollar above $1,150. ETH is now facing a huge major hurdle around $1,230 and $1,250. Like bitcoin, Ethereum price formed a base above $1,070 and began a rebound wave. ETH gradually rose and was able to break over the $1,150 barrier zone.

The bulls drove the price above the 61.8% Fib retracement of the decline from the $1,235 swing high to the $1,075 low. The price of ether is currently trading above $1,180 and the 100 hourly simple moving average. On the hourly chart of ETH/USD, a significant bullish trend line is forming with support at $1,190. The pair appears to be stabilising above the 76.4% Fib retracement level of the fall from the $1,235 swing high to the $1,075 low. 

On the 4-hour chart, Ethereum has reclaimed the $1,200 level after breaking through a $1,190 bearish trendline. ETH is currently approaching the next resistance level of $1,240, where a double top pattern and bullish breakout over this level may push the price of ETH to $1,290.

On the upside, an immediate barrier is at the $1,220 level. On the hourly chart of ETH/USD, a major bearish trend line is forming with resistance near $1,245. The trend line is close to the 50% Fib retracement level of the current slide from the swing high of $1,291 to the low of $1,187. The next significant barrier is located at the $1,265 level. A clear break above the $1,265 resistance level might push the price towards the $1,300 level. To begin a steady rise, the price must rise beyond $1,300. In the above scenario, the price may go to $1,400.

If ethereum fails to break over the $1,245 resistance, it may continue to fall. On the downside, initial support is approaching $1,185. The next major support is at the $1,170 level, below which the price of ether may begin another major fall. In the aforementioned situation, the price might fall towards the $1,100 support zone in the near term.

According to Price Analysis, the market capitalization of this ETH is expected to be $147,128,469,035. The coin's 24-hour trading volume is nearly $11,072,468,987. The market capitalization of Ethereum has risen by 3.59%. However, trading volume decreased by 11.46% during intraday trading.

KEY LEVELS :

RESISTANCE LEVEL : $1,240-$1,290

SUPPORT LEVEL : $1,150-$1,100

Today, ETHEREUM successfully breached the falling channel after a lengthy consolidation phase currently trading above $1,200 level. Will the bulls return, or is this just a bull trap? Please share your comments.