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29.11.202109:25 Forex Analysis & Reviews: Ethereum accumulates more bullish energy

Ethereum rallied after registering a new false breakdown below the 4,000 psychological level. It has appreciated by 10.33% from 3,965 yesterday's low to 4,374 today's high. The crypto started to increase again as the price of Bitcoin has turned to the upside.

In the short term, ETH/USD is trading sideways, the price action signaled that the downside is over. Still, the price stands below strong dynamic resistance, only a valid breakout through it may signal a larger growth.

ETH/USD Extends Its Sideways Movement!

Exchange Rates 29.11.2021 analysis

Technically, ETH/USD has found support again below the 38.2% (4,025.21) retracement level. It has failed to approach and reach the descending pitchfork's lower median line (LML) signaling a strong upside pressure.

The upper median line (UML) stands as a dynamic resistance. You can see that the price movement was stalled by this upside obstacle. Stabilizing above the weekly pivot point (4,257) followed by a valid breakout above the upper median line (UML) could activate an upside continuation.

ETH/USD Forecast!

Jumping, closing, and stabilizing above the upper median line (UML), a valid breakout could announce potential further growth towards the 4,868.79 all-time high. Its failure to reach the former lows or to stabilize below the 4,000 psychological level signaled that the corrective phase is over.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Ralph Shedler,
Analytical expert of InstaSpot
© 2007-2025
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