Ethereum Rallies 5%, Why ETH Could Surge To New ATH Above $5K
December 01 2021 - 12:08AM
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Ethereum gained pace above the $4,550 resistance against the US
Dollar. ETH is trading above $4,700 and it could accelerate further
higher in the near term. Ethereum is trading in a bullish zone
above the $4,550 level. The price is now well above $4,650 and the
100 hourly simple moving average. There was a break above a major
ascending channel with resistance near $4,560 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could continue higher
if it stays above the $4,650 support level in the near term.
Ethereum Price Rallies Above $4,700 Ethereum remained stable above
the $4,500 level and started a fresh increase. ETH broke the $4,600
level to move further into a bullish zone. There was a clear break
above the $4,650 level and the 100 hourly simple moving average.
Besides, there was a break above a major ascending channel with
resistance near $4,560 on the hourly chart of ETH/USD. The pair
climbed to a new multi-week high above the $4,700 level. It traded
as high as $4,774 and is currently correcting lower. It is trading
above the 23.6% Fib retracement level of the upward move from the
$4,352 swing low to $4,774 high. Source: ETHUSD on TradingView.com
An initial resistance on the upside is near the $4,775 level. The
first major resistance is near the $4,800 level. A close above the
$4,775 and $4,800 levels could start a fresh increase in the near
term. In the stated case, the price might rise towards the $5,000
level. Any more gains could lift the price towards the $5,200 zone
in the near term. Dips Limited in ETH? If ethereum fails to start a
fresh increase above the $4,800 level, it could start a downside
correction. An initial support on the downside is near the $4,675
level. The first key support is now forming near the $4,550 level.
It is near the 50% Fib retracement level of the upward move from
the $4,352 swing low to $4,774 high. A downside break below the
$4,550 support zone could p a sharp ush the price further lower. In
the stated case, the price is likely to revisit the $4,400 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 60 level. Major Support Level – $4,550 Major Resistance
Level – $4,775
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