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ETHUSD Rises through Parallel Channel

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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.

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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.

ETHUSD Rises through Parallel ChannelETH 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.

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