In the short term, Ethereum was up 20%. This momentum will probably continue this week, and several signals confirm it. Check out this analysis.
Ethereum is moving in a bullish channel
For the past 2 weeks, ETH has recovered almost 20% in value. The bulls have indeed fought back since bouncing off the $1077 support on November 22nd. Since then, the eternal second has been in the green and is about to cross $1350. With the short-term price structure, we can envisage a week in the green. Additionally, several bullish technical signals showed up on the Ethereum short chart.
On the h4 chart, we can see that the price of this crypto is currently moving in a bullish channel in the short term. This trending channel started from the price bounce off the $1077 support. Since then, the price has broken through several resistances, namely the $1220 and $1290 levels. At this rate, we can indeed envisage more upside for Ethereum for this week. Additionally, the Relative Strength Index (RSI) is also following an uptrend channel. This shows the rise of the bulls. But not only that, the bullish impulse since November 22 also allowed the price to cross the 100 moving average (4 hours). Not to mention the volume level which is relatively low. This shows the absence of sellers to counter the current rise.
Panic: the only obstacle for a bull-run
Panic reigns now. Both BTC and ETH lost -75%. It started from all-time highs as the two largest cryptos by capitalization flirted with mind-blowing prices. Indeed, BTC and ETH almost hit $70,000 and $5,000 respectively. However, these impressive rises on Ethereum and bitcoin looked more like speculative bubbles. Indeed, since these moments of euphoria, panic has set in.
However, in the short term, buyers seem to be gaining the upper hand. This is not ready to stop and the price of Ethereum will have to rise further. For this week, the price will likely reach the $1415 area. If the price breaks above this exceeded level, a rise towards $1650 will be possible. If the buyers manage to break through the psychological level of $2,000, it will initiate the bullish phase in the long term.
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