Ethereum Prints Bullish Technical pattern, Why Close Above $4,500 Is Critical
November 30 2021 - 12:08AM
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Ethereum gained pace above the $4,350 resistance against the US
Dollar. ETH could accelerate higher if there is a clear break above
the $4,500 resistance zone. Ethereum is trading in a bullish zone
above the $4,350 level. The price is now well above $4,350 and the
100 hourly simple moving average. There is a key rising channel
forming with support near $4,400 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could continue higher if it stays
above the $4,350 support level in the near term. Ethereum Price
Starts Fresh Increase Ethereum formed a base above the $4,350 level
and started a fresh increase. ETH broke the $4,400 level to move
further into a bullish zone. The price even tested the $4,500 zone
and settled above the 100 hourly simple moving average. A high is
formed near $4,506 and is currently correcting lower. There was a
break below the $4,450 support level. Ether price also dipped below
the 23.6% Fib retracement level of the upward move from the $4,282
swing low to $4,506 high. There is also a key rising channel
forming with support near $4,400 on the hourly chart of ETH/USD. An
initial resistance on the upside is near the $4,480 level. The
first major resistance is near the $4,500 level. Source: ETHUSD on
TradingView.com A close above the $4,480 and $4,500 levels could
start a fresh increase in the near term. In the stated case, the
price might rise towards the $4,650 level. Any more gains could
lift the price towards the $4,800 zone in the near term. Dips
Limited in ETH? If ethereum fails to start a fresh increase above
the $4,500 level, it could extend its downside correction. An
initial support on the downside is near the $4,420 level. The first
key support is now forming near the $4,400 level. It is near the
50% Fib retracement level of the upward move from the $4,282 swing
low to $4,506 high. A downside break below the $4,400 support zone
could spark a sharp decline. In the stated case, the price is
likely to revisit the $4,250 support zone and the 100 hourly simple
moving average. Technical Indicators Hourly MACD – The MACD for
ETH/USD is losing pace in the bullish zone. Hourly RSI – The RSI
for ETH/USD is now correcting lower towards the 50 level. Major
Support Level – $4,400 Major Resistance Level – $4,500
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