Ethereum price analysis provides us with a broad view of market sentiment. We can see that Ethereum burst through the channel line, after which the momentum shifted completely to the positive side.
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.
