Ethereum Price Analysis: The ETH Bulls And Bears Are Still Battling Over The $4000 Platform
The ETH coin Indicates an overall uptrend in its technical chart and will maintain this sentiment until its holds above the $4000 support. However, the price rally is still struggling to overcome the All-Time High resistance of $4800, resulting in a definite price range for this coin. The next dynamic move for ETH coin can be expected once the price escapes from this range.
ETH/USD Daily Time Frame Chart
Source- ETH/USD chart by Tradingview
Past Performance or Trend-
The ETH coin price is struggling to breach the All-Time High resistance of $4800. The number 2 coin is still under a consolidation phase; however, as mentioned in my previous article on ETH/USD, the coin is sustaining above the $4000 support, maintaining the bullish sentiment for the investors.
ETH coin price meets a confluence of significant technical support
On December 4th, the ETH coin chart displayed the presence of intense demand pressure below the $4000 mark with a long lower price rejection candle. After trying to rally higher, the coin is back to this support, and yesterday it even managed to provide a daily candle closing below the $4000 level.
However, with a stronger bullish candle, the price jumps above this support and is now trying to sustain it. Furthermore, the coin chart indicates the price stands above the convergence of some major technical support levels.
These support levels are;
- The 100-day EMA line
- An upcoming ascending trendline
- The default $4000 horizontal support
The ETH coin maintains its bullish sentiment as the price is above the trend defining the 100 and 200 EMA lines.
The daily Relative Strength Index(43) is still struggling to sustain above the neutral line(50)
According to traditional pivot levels of the 4-hr chart, the coin traders can expect the nearest resistance for the ETH price at $4163, followed by $4800. As for the opposite end, the support levels are $3550 and $2880.