Analysis: Ethereum price refuses to drop below $3800, so will it be followed by a break to the upside?
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Answer Analysis: Ethereum price refuses to drop below $3800, so will it be followed by a break to the upside?
Ethereum is the second largest cryptocurrency after Bitcoin in terms of total market capitalization. Many analysts view Ethereum as bearing the banner of alternative digital currencies and its rise means a victory for alternative currencies and their exit from the control of Bitcoin.
Ethereum price analysis is bullish on the daily level as more bullishness is expected after many rejections of the downside trend were seen during the past 24 hours.
The ETH/USD trading pair is likely to be finally ready to break above the current high of $4,100.
Cryptocurrencies in general are trading with bullish momentum over the past 24 hours.Read:A new partnership with the “Tezos” project unveils a new digital currency backed by Bitcoin
Bitcoin, the market leader, gained 2%, while Ethereum gained 1.73%.
Meanwhile, LUNA is the best performing cryptocurrency, with a gain of around 14%.
It is worth noting that we previously published about it three days ago an analysis stating that it is targeting the $80 level:
Price forecast for the digital currency “LUNA” after it is listed on the trading platform “Kraken”
Ethereum refuses to fall, and moves towards the level of 4000 dollars:
Ethereum against the dollar is trading in a range between $3,711 and $3,986, indicating a moderate amount of volatility over the past 24 hours.
Trading volume increased by 37.93%, to a total of 26.98 billion dollars, while the total market value was estimated at 474 billion dollars, which led to its dominance of the market by 21.2%.
On the 4 hour chart, Ethereum price action can be seen moving higher so far, as the bulls are likely to be ready to finally put a higher top.
Ethereum price action has seen bearish momentum that has slowly pushed the market towards the previous major swing low around $3600 over the past weeks.Read:Founder of (DOGE) stated: I am no longer working on the development of the Dogecoin project
Since the previous high of $4,500, the price of Ethereum has rebounded to nearly 20%, which means that the bears are now exhausted.
After reaching the current support at $3,650 on December 13th, Ethereum retested it with a rapid drop lower on Wednesday.Read:Binance’s acquisition of FTX and a shift in rhetoric between the heads of the two companies (Binance and FTX)
From there came a strong bounce to $4,100, which was set as another lower high.
But with the next correction which put a higher bottom above $3700, further downside was strongly rejected.
Over the past 24 hours, Ethereum price action has started to push forward, which likely means we will see a test of the previous high later in the weekend.
The bottom line:
Ethereum price analysis is bullish today as we witnessed the return of bullish momentum over the past 24 hours after rejecting the downtrend around $3700.
Therefore, Ethereum is expected to move towards the previous high of $4,100 over the next 24 hours.
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