Ethereum Resumes Upward Trend

 

Ethereum (ETH) has reignited its bullish momentum, following a breakout above the critical resistance zone at $2,800.0 earlier this month. This breakout marked the beginning of a strong upward trend, driven by a bullish price pattern commonly referred to as “three white soldiers.” This pattern propelled ETH to $3,400.0, signalling robust buyer activity and setting the stage for further gains.

The November breakout coincided with a noticeable increase in transaction volume, underscoring heightened market participation. ETH’s bullish displacement began at $2,430.0 and reached $3,400.0 before pulling back to $3,086.0. This key support level provided the foundation for a continuation of the uptrend. After bouncing off $3,086.0, Ethereum is now charting a course toward the $3,600.0 supply level, with buyers firmly in control.

Ethereum Key Levels

• Demand Levels: $3,086.0, $2,739.0, $2,430.0
• Supply Levels: $3,547.0, $4,013.0, $4,867.0

What Are the Indicators Saying?

The Elder Ray Bull and Bear Power Indicator highlight strong bullish dominance, with readings in positive territory confirming buyer strength. Additionally, Ethereum’s price action above the Moving Averages reinforces the ongoing uptrend. During September and October, ETH prices were range-bound, often consolidating around the Moving Average levels. Now, the Moving Averages trail the price, signalling bullish momentum.

With these indicators aligned, Ethereum is well-positioned to strike $3,600.0 imminently, with the potential to challenge higher supply levels as the bullish trend develops further.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @ItuGlobal

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Comments are closed

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  eToro

• 

  Glenmore Investments

• 

  Long Over Short

• 

  Dwayne Buzzell