Ethereum About to See “Liftoff” if It’s Able to Hold One Crucial Level
December 07 2021 - 12:08AM
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Ethereum gained pace above the $4,250 resistance zone against the
US Dollar. ETH must stay above $4,150 to accelerate higher in the
near term. Ethereum started a recovery wave above the $4,000 and
$4,250 resistance levels. The price is now trading above $4,150 and
the 100 hourly simple moving average. There was a break above a key
bearish trend line with resistance near $4,150 on the hourly chart
of ETH/USD (data feed via Kraken). The pair could start a fresh
rally if it stays above $4,150 and the 100 hourly SMA. Ethereum
Price Gains Momentum Ethereum found support near $3,350 and started
a fresh increase. ETH gained pace for a move above the $3,800 and
$3,880 resistance levels. It even broke the $4,000 level and the
100 hourly simple moving average. Besides, the price climbed above
the 50% Fib retracement level of the key decline from the $4,660
swing high to $3,327 low. There was also a break above a key
bearish trend line with resistance near $4,150 on the hourly chart
of ETH/USD. The pair is now trading above $4,150 and the 100 hourly
simple moving average. It is consolidating near the $4,350
resistance zone and the 76.4% Fib retracement level of the key
decline from the $4,660 swing high to $3,327 low. Source: ETHUSD on
TradingView.com An initial resistance on the upside is near the
$4,380 level. The first major resistance is near the $4,400 level.
The next major hurdle is near the $4,550 level. A clear move above
the $4,550 could send the price further higher. In the stated case,
the price could drift towards the $4,700 level in the near term.
Dips Limited in ETH? If ethereum fails to start a fresh increase
above the $4,400 level, it could start a downside correction. An
initial support on the downside is near the $4,300 level. The key
support is now forming near the $4,150 level and the 100 hourly
simple moving average. If there is a clear break below the $4,150
support, the price could accelerate lower. The next major breakdown
support is $4,000, below which the price could decline towards
$3,850. 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 – $4,150 Major
Resistance Level – $4,400
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