ETHUSD Rises through Parallel Channel

Ethereum is currently experiencing a bull run. Ethereum’s price has successfully broken the intermediate resistance level of $2690.0. Ethereum’s price made no progress in September and October. The market experienced consolidation, which led to the formation of a rage during this period.

During November, Ethereum’s price exhibited a clear indication of an impending upward movement. This signal was manifested through the successful occurrence of a Break of Structure (BOS), characterized by the price surging above the key level of $2000.0. Notably, $2000.0 marked the culmination of the last significant swing high within the preceding bearish trend. Following the breakthrough of this pivotal level, Ethereum’s price sustained its upward momentum, effectively surpassing the swing high. Subsequently, the market transitioned into a parallel channel formation, with the lower boundary of this channel serving as a steadfast support level for the ongoing ascent in price.

ETH Key Levels

Demand Levels: $2170.0, $1933.0
Supply Levels: $3400.00, $3582.0

Ethereum is presently riding on the crest of its strongest momentum surge witnessed in the past six months, as corroborated by the momentum indicator. This surge is further exemplified by the daily candlesticks confidently hovering above both the Moving Averages, with periods of 9 and 21, signalling the prevailing dominance of buyers in the market. As the price steadily gravitates towards the $3582.0 mark, it’s worth noting that this particular price point holds significant importance in terms of liquidity, owing to past price action experiences. The confluence of factors at play suggests that $3582.0 serves as a rich liquidity region, further underlining its relevance within the broader market landscape.

Learn from market wizards: Books to take your trading to the next level

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Long Over Short

• 

  Peter Gold

• 

  Our Man In Rio

• 

  Ben Branson