Ethereum Prints Bullish Pattern, Why ETH Could Revisit $4.5K

By November 25, 2021Ethereum
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Above the $4,250 pivot value against the US Dollar Ethereum remains stable. If ETH can break the $4.350 resistance zone, it will accelerate even further.

  • Ethereum trading above $4,200 in bullish territory
  • Price consolidating at above $4,250. The 100-hourly simple moving average is also higher.
  • On the hourly chart of Ethereum/USD, there was an upward break over a triangle that represents key contracting and resistance close to $4270. (Data feed via Kraken).
  • If the pair breaks above $4,350 resistance level, it could see bullish momentum.

Ethereum Prices Are Rising

Ethereum formed a support base above $4,150. The steady price recovery of Ethereum was initiated above the $4,000. resistance zone in order to enter a short-term positive zone.

It was able surpass the 50% Fib Retracement level for the downmove from $4.386 swing high and $4.169 low. On the hourly chart of Ethereum/USD, it was possible to see a breakout above a crucial contracting triangle that provided resistance close to $4,270.

This pair consolidates above $4,250 as well as the 100-hourly simple moving average. The $4,335 mark is the initial resistance.

Near the $4.330 level is the 76.4% Fib level. This level represents the retracement of the downmove from the $4.386 swing high and $4.169 low. Near the $4,350 mark is the first significant resistance. An increase could be initiated if the price reaches the levels of $4,330 or $4.350.

Ethereum Price
Source: TradingView.com, ETHUSD

If the case is true, then the price may rise to the $4,500 mark. The price could rise towards the $4650 level if there are more gains, which would be where the bears tend to make a stand.

Fresh Drop in the ETH

If the $4,330 mark is not reached, ethereum could begin a new decline. The $4,270 level is a support area for the downside.

Near the $4,250 support and the 100 hourly simple movement average is the first important support. Price could drop further below the $4250 level if there is a downside breakout. The price could fall to the $4,150 level in this scenario.

Technical indicators

Minutely MACDThe MACD is falling in bullish territory for USD/ETH.

Hourly RSIThe RSI of ETH/USD has now corrected towards the 50 level.

Major Support Level – $4,150

Major Resistance Level – $4,350

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