Ethereum Market Analysis: December 2021

Overview

Ethereum is a technology that lets you send cryptocurrency to anyone for a small fee. It also powers applications that everyone can use and no one can take down. Ethereum builds on Bitcoin’s innovation, with some big differences. Both let you use digital money without payment providers or banks. But Ethereum is programmable, so you can also use it for lots of different digital assets – even Bitcoin!

Here’s the market structure of the coin for December 2021.

Currently trading at $3786.00 at a low of 0.16%. Ethereum during the month started at $4700 levels, however has been rallying downwards ever since. The coin was seen consolidating between $3700 and $4100 levels majorly. The month’s high was seen at $4783.88 level, on contrary the month’s low was at $3477.97 levels.

Looking at the daily chart, the coin rose to an early morning intraday high at $3826 levels. The early intraday low was seen at $3768.40 levels. Coming up against the $3816.36 resistance level, it fell to low of $3776.52 levels.

On an hourly chart the coin is seen consolidating in a bullish flag pattern and is more likely to break on the upside. Looking at the current momentum Ethereum is likely to make a bearish reverse.

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Market Indicators:

Hourly RSI: The hourly RSI is moving currently towards 59 levels, it shows mild price strength, owing to investor’s trust on the coin.

Fibonacci Retracement levels: 23.6%: $3728.23, 38.2%: $3747.00, 61.6%: $3777.34

Major support level: $3762.77

Major resistance level: $3798.93

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Conclusion:

On the upside prices may move towards $3800 levels. The first major resistance sits at $3826 levels. In event of an extended rally upwards, the second major resistance sits at $3905.89 levels. Barring an extended crypto rally, the first major resistance is likely to cap the upside. On the downside a fall below $3700 levels, will bring the major support level $3697 in play.

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