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Ethereum (ETH) Climbs to $2,215, Bullish Momentum Intensifies

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on December 04, 2023 | 2 min
Updated on Dec 04, 2023
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  • Ethereum’s price rises to $2,215.51, indicating strong bullish momentum.
  • RSI at 82 points to overbought conditions, yet the bullish trend is dominant.
  • Key focus on surpassing resistance at $2,277, with an eye on the $2,359 and $2,504 levels.

As the digital currency space continues to evolve, Ethereum (ETH/USD) stands out with its remarkable performance. On December 4, Ethereum’s live price has ascended to $2,215.51, marking a 2.60% increase in the last 24 hours. This surge is complemented by a substantial trading volume of $9,100,131,897, securing Ethereum’s position as the second-ranked cryptocurrency with a live market cap of $266,377,609,487. The circulating supply of ETH stands at 120,233,028 ETH coins, with the maximum supply not yet determined.

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ETH/USD Price Chart
ETH/USD Price Chart – Source: Tradingview

Ethereum Price Prediction: Technical Outlook

Analyzing Ethereum’s 4-hour chart reveals a robust bullish trend. The pivot point is set at $2,131, serving as a foundational marker for the cryptocurrency’s short-term price movement. ETH faces immediate resistance at $2,277, with further resistance levels at $2,359 and $2,504, which are critical in determining its potential for further gains. On the flip side, the support levels are positioned at $2,051, $1,904, and $1,822, offering a safety net in case of price retractions.

The technical indicators present an optimistic outlook. The Relative Strength Index (RSI), notably high at 82, indicates overbought conditions. Although this could suggest a potential for short-term consolidation or correction, the prevailing bullish sentiment is undeniable, as the RSI remains well above the 50 threshold. The Moving Average Convergence Divergence (MACD) further bolsters this bullish stance, with the MACD line at 7.88 and the signal line at 37.29, implying sustained upward momentum.

Ethereum’s price trend above its 50-day Exponential Moving Average (EMA) of $2,098 is another bullish indicator, reinforcing the trend seen in the short-term chart analysis. However, the inherent volatility of the cryptocurrency market warrants a cautious approach, as swift reversals are always a possibility.

The chart patterns observed in Ethereum’s trading behavior are particularly telling. An ascending triangle breakout pattern coupled with a ‘three white soldiers’ candlestick formation strongly signals a buying trend and reinforces the bullish outlook over the $2,130 level.

The overall trend for ETH appears decidedly bullish, especially if it maintains its position above the $2,130 mark. In the short term, Ethereum is expected to challenge and potentially breach its immediate resistance levels. Investors and traders in the cryptocurrency market should closely monitor these technical indicators and chart patterns, as they provide crucial insights into ETH’s potential trajectory and opportunities in the dynamic digital currency market.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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