Ethereum Holds Key Support, What Could Spark A Fresh Rally
December 03 2021 - 6:20AM
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Ethereum is facing resistance near the $4,600 zone against the US
Dollar. ETH must stay above $4,450 to start a steady increase in
the near term. Ethereum is consolidating above the key $4,450
support zone. The price is now trading above $4,500 and the 100
hourly simple moving average. There is a major bearish trend line
forming with resistance near $4,600 on the hourly chart of ETH/USD
(data feed via Kraken). The pair could start a fresh rally as long
as it is above the $4,450 level and the 100 hourly SMA. Ethereum
Price Attempts Fresh Increase Ethereum declined below the $4,500
support, but the bulls defended the $4,450 zone. ETH seems to be
forming a base above the $4,450 support level and is slowly rising.
There was a break above the $4,500 level and the 100 hourly simple
moving average. The price cleared the 23.6% Fib retracement level
of the recent drop from the $4,780 swing high to $4,455 low. It is
now consolidating above the $4,520 level. An initial resistance on
the upside is near the $4,600 level. There is also a major bearish
trend line forming with resistance near $4,600 on the hourly chart
of ETH/USD. The first major resistance is near the $4,620 level. It
is near the 50% Fib retracement level of the recent drop from the
$4,780 swing high to $4,455 low. A clear move above the $4,600 and
$4,620 levels could send the price further higher. Source: ETHUSD
on TradingView.com The next major resistance is near the $4,705
level. Any more gains could lift the price towards the $4,800
resistance zone in the near term. Fresh Drop in ETH? If ethereum
fails to start a fresh increase above the $4,620 level, it could
start another decline. An initial support on the downside is near
the $4,500 level. The first key support is now forming near the
$4,450 level. A downside break below the $4,450 support zone and
the recent low might spark a major decline. In the stated case, the
price may perhaps decline towards the $4,320 level. The next major
breakdown support is $4,250, below which the price could decline
towards $4,000. Technical Indicators Hourly MACD – The MACD for
ETH/USD is gaining pace in the bullish zone. Hourly RSI – The RSI
for ETH/USD is now well above the 50 level. Major Support Level –
$4,450 Major Resistance Level – $4,620
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