Market leaders trying to maintain higher levels create uncertainty among cryptocurrency traders.
is driving the current rebound. The 4-hour chart pattern's ascending trendline provides dynamic support to rising prices.
Ethereum remains to break over the $1,300 barrier level against the dollar. ETH is dropping and may soon test the $1,220 support level. The Ethereum price made another attempt to break over the $1,300 barrier level. However, ETH has struggled to gain momentum over $1,300. Similar to bitcoin, a high was reached at $1,305, and the price began a downward correction.
The price fell below the $1,280 support level as well as the 100 hourly simple moving average. Furthermore, on the hourly chart of ETH/USD, there was a breach below a significant bullish trend line with support at $1,270.
The price of ether has dropped as low as $1,247 and is now consolidating losses. Above $1,260, there was a little rise. The price rose beyond the 23.6% Fib retracement level of the recent drop from the $1,305 swing high to the $1,247 low.
The altcoin is now trading near $1260 and is on the verge of retesting the support trendline. As a result, a 4-hour candle closing below the trendline will set off the aforementioned pattern, resulting in a major price decline.
On the upside, there is immediate resistance at the $1,270 level and the 100 hourly simple moving average. The first major resistance is placed near $1,275. It is close to the 50% Fib retracement level of the recent drop from the $1,305 swing high to the $1,247 low. A closing above the $1,275 barrier level might push the price even higher. The next major resistance is at $1,300, over which the price of ether may hit $1,320. Any further gains could push the price above the $1,400 mark.
If ethereum fails to break past the $1,275 barrier, it may fall further. On the downside, an initial support level of $1,250 remains. The next significant support level is around $1,220. If the price goes below $1,220, it might test the $1,165 support level. Any more losses might drive the price down to the $1,100 support.
According to Price Analysis, ETH's market capitalization is estimated to be $154,455,115,175. The 24-hour trading volume of the coin is about $5,560,259,026. Ethereum's market capitalization has fallen by 2.68%. During intraday trading, however, trade volume increased by 0.15%.
KEY LEVELS :
RESISTANCE LEVEL : $1,300-$1,350
SUPPORT LEVEL : $1,220-$1,170
Bulls would wager that as the month of December progresses, Ether will rebound to these levels as a result of a "Santa rally" - a pattern in which risk assets benefit in the run-up to Christmas, as has historically occurred. Will ETH break through the $1,310 resistance, or will the bulls fail? Feel free to respond to your feelings.
