Read full article at Coingape.


Ethereum price is up 2% in the past 24 hours. Overcoming the $4,750 resistance level is crucial to ETH rising to new record highs.

Ethereum price appears set to continue its price discovery as it remains elevated propelled by increased media attention that has resulted in growing investor appetite. Even the ETH turning away from the November 10 all-time high (ATH) around $4,869 appears not to bother the buyers at the moment with Ethereum bulls targeting new record highs above $5K.

The $4,750 Level Crucial For Ethereum Price Breakout Upwards

ETH price is bullish at it trades at $4,724 on most crypto exchanges. Ethereum price action has created a pennant on the four-hour chart with bulls currently fighting resistance from the $4,750 level provided by the pennant’s downtrend line.

Note that for Ethereum to add oomph into the current bullish run, it must overcome the said resistance. If this happens, it will trigger buy orders which are likely to propel the price of the biggest altcoin by market capitalization above the ATH towards $5,000.

Before this, the bulls have to overcome significant hurdles around $4,780 and $4,800 respectively.

The upsloping moving averages and the position of the Relative Strength Index (RSI) indicator above the midline validate Ethereum’s bullish outlook.

Moreover, the Moving Average Convergence Divergence (MACD) indicator has just sent a buy signal on the four-hour chart adding credence to ETH’s bullish narrative. This happened when the MACD line (blue) crossed above the signal line (orange) earlier today.  Note that the Ethereum price bullish momentum will be sustained further once the MACD line crosses the zero line into the positive region.

ETH/USD Four-Hour Chart 

On the other hand, if Ethereum price closes the session below the immediate support provided by the 50-period Simple Moving Average (SMA) around $4,685, ETH may drop to tag Monday’s opening price around $4,626. A drop further could see the smart contract giant’s token tank below the $4,600 psychological level to seek solace at the 100 SMA around $4,559.

The post Ethereum Price Prediction: ETH is Expected To Continue Price Discovery Above $5,000 appeared first on Coingape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency



Comments are closed


Our Other Projects - Premium Domain Names. - Social Network - Mid-century Paris NFTs, tokenized on the WAX blockchain. - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible. - Classic Automobile News.