Sunday, December 4, 2022
 

ETH Hikes From $1500 Zone, Eyes Fresh Look Before Merge

  • Ethereum surged by over 7% in the past 24 hours.
  • At press time, ETH went above the $1600 support level.
  • Also, there is a 10% hike between ETH’s past day low and the current high.

Ethereum’s price seems to be diligent contrary to the past day’s market downswing. With a 7.8% surge in the past 24 hours, Ethereum is now trading at $1,635. In the past day, ETH dipped to a $1,492 low and then hiked to a $1656 high. Its current highest value is $1646.

ETH/USDT- 1-Day Trading Chart (Source: TradingView)

Currently, ETH is also trading above its $1600 support level, and this point was a resistance zone for the coin in the past three days. However, the ETH price is not very far from the current support level, which puts the coin in a dicey intraday trading. There is another support zone for ETH around $1,500. At this point, bulls might have performed well to prevent the price from a deep fall. 

For further surge, ETH should at least touch $1,687, the highest price it registered on September 6. Now, traders may watch for the $1,720 resistance zone as it is a critical point for a good rally. Although ETH soared near this resistance on August 26, it could not overcome the zone. Similarly, on September 6, ETH tried to pin its highest price at  $1,720. 

Moreover, as clear from the graph, the coin is just above the 9-day EMA. But it seems to go below the EMA line.

Despite the Bellatrix upgrade on Ethereum, the coin went down in the past day, reportedly due to the low rate of participation on the network. Also, as familiar, Bitcoin was trading low in the past day, and it affected the price of almost all the coins. As of today, Bitcoin surged by 1.85 in the past 24 hours and is currently back to $19,110 from the $18,000 zone.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • Ethereum surged by over 7% in the past 24 hours.
  • At press time, ETH went above the $1600 support level.
  • Also, there is a 10% hike between ETH’s past day low and the current high.

Ethereum’s price seems to be diligent contrary to the past day’s market downswing. With a 7.8% surge in the past 24 hours, Ethereum is now trading at $1,635. In the past day, ETH dipped to a $1,492 low and then hiked to a $1656 high. Its current highest value is $1646.

ETH/USDT- 1-Day Trading Chart (Source: TradingView)

Currently, ETH is also trading above its $1600 support level, and this point was a resistance zone for the coin in the past three days. However, the ETH price is not very far from the current support level, which puts the coin in a dicey intraday trading. There is another support zone for ETH around $1,500. At this point, bulls might have performed well to prevent the price from a deep fall. 

For further surge, ETH should at least touch $1,687, the highest price it registered on September 6. Now, traders may watch for the $1,720 resistance zone as it is a critical point for a good rally. Although ETH soared near this resistance on August 26, it could not overcome the zone. Similarly, on September 6, ETH tried to pin its highest price at  $1,720. 

Moreover, as clear from the graph, the coin is just above the 9-day EMA. But it seems to go below the EMA line.

Despite the Bellatrix upgrade on Ethereum, the coin went down in the past day, reportedly due to the low rate of participation on the network. Also, as familiar, Bitcoin was trading low in the past day, and it affected the price of almost all the coins. As of today, Bitcoin surged by 1.85 in the past 24 hours and is currently back to $19,110 from the $18,000 zone.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

Latest news