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Ethereum (ETHUSD) Price Analysis – 01 December
Ethereum’s price surpassed the barrier at the $1.237 level, and the Bulls may break up the $1,649 level and target $1,789. Failure to break up the $1.432 level may lead to a bearish movement toward $1,237, $1,086, and $987 support levels.
BTC/USD Market
Key Levels:
Supply Zones: $1,432, $1,649, $1,789
Demand Zones: $1,237, $1,086, $987
ETH/USD Long-term Trend: Bullish
Ethereum is bullish on the medium-term outlook. After the price retracement to the resistance level of $1,649, the Bears pushed the price to the $1,086 support level. The coin consolidated for many days at that level. On 21 November, the support level of $1,086 was retested a second time. Yesterday, the strong big bullish candle was produced and the bullish momentum increased and the price broke up at the $1,237 level, the bullish momentum is extending to the high of $1,432.
The Relative Strength Index period 14 is at 52 levels with the signal lines bending to the north which indicates a buy signal. The crypto is trading above the 21 periods EMA and 9 periods EMA at a distance from each other which indicates bullish pressure. Ethereum’s price surpassed the barrier at the $1.237 level, and the Bulls may break up the $1,649 level and target $1,789. Failure to break up the $1.432 level may lead to the bearish movement toward $1,237, $1,086, and $987 support levels.
ETH/USD Short-term Trend: Bullish
ETH price is bullish on the short-term outlook. The price action has formed a double bottom chart pattern on the 4-hour chart pattern; this is a bullish chart pattern and the price is increasing. The former resistance level of $1,237 has turned into a support level. The price is currently heading toward the resistance level of $1,432.
The crypto is trading above the 21-period EMA and 9-periods EMA with the two EMAs separate from each other which indicates that bullish movement is ongoing in the Ethereum market. The relative strength index period 14 is at 66 levels and the signal line exhibits a bullish trend.
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