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Ethereum Technical Analysis: ETH Momentum Stops Short After Hitting $2,100 Barrier

Jamie Redman

01 December 2023

Ethereum Technical Analysis: ETH Momentum Stops Short Above $2,100 Barrier

Similar to bitcoin prices, the second leading crypto asset in terms of market capitalization has risen on Friday, jumping 2% against the U.S. dollar. The 24-hour price range of ether has been recorded between $2,024 and $2,111, reflecting a volatile yet upward trajectory. Ether now stands with a market capitalization of $250 billion and a 24-hour trading volume of $17.56 billion.

Ethereum

As of December 1, 2023, ethereum (ETH) displays a mixed bag of indicators. Presently, the price of ether is coasting along at $2,081 per unit. The relative strength index (RSI), sitting at 58.4, suggests a balanced market position, complemented by the Stochastic oscillator’s similar neutrality at 78.2. The commodity channel index (CCI), however, hints at a bearish outlook with its 129.9 reading, a sentiment echoed by the Momentum indicator at 51.9.

In contrast, ether’s moving average convergence/divergence (MACD) leans optimistic at a level of 9.4. Ethereum’s moving averages paint a promising and more positive picture. Across various time frames — 10, 20, 30, 50, 100, and 200 days — both the exponential moving average (EMA) and simple moving average (SMA) point to bullish tendencies. The EMAs notably surpass their SMA counterparts, reinforcing the bullish momentum’s strength in ether markets right now.

The 4-hour chart of ETH/USD shows a positive trajectory, characterized by a pattern of escalating highs and lows, following a rebound from a solid support point at $1,520. The daily chart further mirrors this bullish pattern, highlighting a recovery from a significant slump to roughly $877, followed by a consistent uptrend. Both charts show a consolidation near the $2,100 mark, indicating a pivotal point for potential future price directions.

In light of ethereum’s present market stance, the perspective leans towards cautious optimism. For those eyeing long positions, a breakout above the $2,150 resistance mark, accompanied by a surge in volume, could confirm a good entry point. Alternatively, a pullback to established support levels may also present entry opportunities. Regarding exit strategies, placing a stop loss just beneath recent swing lows or established support levels can help minimize risks. Similarly, capitalizing on profits at past peaks or resistance zones could enhance returns.

Bull Verdict:

Ethereum’s market indicators and moving averages, especially the promising alignment of EMAs over SMAs across various timeframes, coupled with the consistent formation of higher highs and lows on the 4-hour and daily charts, strongly suggest a bullish trend. The consolidation around the $2,100 level, followed by a potential breakout above the $2,150 resistance, further bolsters this optimistic outlook.

Bear Verdict:

Despite some bullish signals, the bearish indications presented by the commodity channel index (CCI) and the moderate stance of the Momentum indicator cannot be overlooked. These suggest underlying market uncertainties and the potential for downward movement. Additionally, the consolidation near the $2,100 mark might signify a hard ceiling that ether struggles to surpass, possibly leading to a downturn.

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What do you think about ether’s market action on Friday morning? Share your thoughts and opinions about this subject in the comments section below.


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https://news.bitcoin.com/ethereum-technical-analysis-eth-momentum-stops-short-after-hitting-2100-barrier/

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