The Ethereum (ETH) coin’s analytical graph shows a broad increase, which will continue till it breaks through the $4000 support level. The price surge, meanwhile, is currently trying to break through the All-Time High resistance of $4800, leading to a clear price range for this currency. When the price of Ethereum currency breaks out of this region, the next dramatic move may be anticipated.
Performance In The Past Or Just A Hype
The Ethereum token price is battling to break over the $4800 All-Time High barrier level. The position two cryptocurrencies is currently in a consolidation period; nevertheless, as I indicated in my last piece on ETH/USD, the coin is persisting above the $4000 support, keeping investors positive. The ETH cryptocurrency price encounters a convergence of considerable tech assistance.
The ETH coin chart on December 4th showed the existence of significant market demand below the $4000 barrier with a protracted lower price rejection candle. Following attempting to rise higher, the currency has returned to this support, and it also succeeded to give a daily candle closing below the $4000 mark on the last day.
ETH/USD 1 DAY PRICE CHART: SOURCE – COINMARKETCAP.COM
Nevertheless, with a larger bullish candle, the price breaks through this support and is currently attempting to hold it. In addition, the coin chart shows that the price is above the confluence of certain significant technical support levels.
Following are the degrees of assistance:
- The 100-day exponential moving average line
- An impending upward trendline
- The standard horizontal support is $4000.
- Technical indications include:
- The price of the Ethereum token remains positive since it is over the trends establishing the 100 and 200 EMA lines.
- The regular Relative Strength Index(43) continues to struggle to stay above the neutral line (50).
As per the 4-hour chart’s customary pivot levels, coin traders should anticipate the next barrier for the ETH price to be $4163, trailed by $4800. Support levels are $3550 and $2880 on the other end of the spectrum.