Throughout the year, new all-time high levels have been set, and Despite a fresh all-time high for Ethereum, bulls have been unable to push the coin above the $5,000 threshold in the last week. At the time of writing, the ATH is $4,878.
The year 2021 is widely regarded as the continuation of the bull market that began in 2017. Throughout the year, new all-time highs were set, and there were some striking similarities between the two bullish periods.
The pattern for 2021 is currently on the verge of a tremendous 253 percent breakout. The bullish surge in 2017 drove the value of ETH all the way to $1,440. if a particular trend from 2017 is repeated over the next few weeks. By the third week of December 2021, a 253 percent market rise might push Ethereum Price to $15,750.
Make or Break Moment for ETH Price!
The Ethereum price is approaching critical support, and it has to hold the $4500 level in order to reach $4800. This loss of momentum is unimportant as long as ETH does not fall below the critical support level, and it can be read as a healthy uptrend break.
Since the beginning of October, the rising trendline has been driving ETH price rebounds and is part of a larger ascending channel range.
A negative decline could push the market lower, hitting support levels of $4100, $3900, and $3700, while a probable bullish surge could push the market over the channel’s top limit, touching the $5000 level.
Meanwhile, the $5200, $5400, and $5600 levels may serve as additional resistance for the market. As bulls continue to buy on occasion, the price of ETH is starting to fall in the overbought area of the RSI. What will be important to see this week is if the bulls can propel price movement backup and shatter the $5,000 barrier.