The price of Ethereum (ETH) recovered more than 32% from the low on December 4, at 3,434 and shows signs of continuing its upward movement. Resistance at 4,700 is the top of the downtrend channel. If Ether surpasses this level, it could quickly reach the psychological level of 5,000.
Ethereum could easily scale to the resistance of 4,700, only if it trades above the 21 SMA and above the 6/8 Murray. If the market euphoria continues, the price of Ethereum could extend beyond its all-time high and set a new one at 5,000.
Since November 5, it has been trading within a downtrend channel. The pivot point is located at 4,314, above this level it is likely to reach the resistance of 4,700. On the other hand, if it trades below 4,250 it is expected to fall towards the bottom of the trend channel around 3,900 and up the 200 EMA located at 3,396.
If in the next few hours Ethereum fails to consolidate above 4,300, this could indicate weakness among buyers and Ether is likely to fall back towards the psychological level of 4,000.
The eagle indicator is giving negative signal. This could be a clear signal that the market volume is declining and is likely to fall again if ETH consolidates below 4,250.
Despite the recovery in recent days, while continuing to trade within the downtrend channel, downward pressure will continue to persist. On the contrary, above 4,700, a new bullish wave could occur and the price could break above the level of 5,000 and reach the level of 5,312 (+1/8).
Support and Resistance Levels for December 09 - 10, 2021
Resistance (3) 4,733
Resistance (2) 4,591
Resistance (1) 4,502
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Support (1) 4,335
Support (2) 4,271
Support (3) 4,140
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A trading tip for Ether on December 09 - 10, 2021
Buy above 4,375 (21 SMA) with take profit at 4,700 (top bearish channel) and 5,314 (+1/8), stop loss below 4,250.
The material has been provided by InstaForex Company - www.instaforex.comfrom RobotFX
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