Published 1 hour ago
On November 30th, the Ethereum price witnessed a significant inflow resulting in a massive breakout from $1220 and $1275 resistance in one strike. Thus, this reclaimed level offers a long entry opportunity and assists buyers in driving an ETH price higher. But; how far this potential rally may go?
A possible retest to the $1270 or $1220 will replenish the bullish momentum
The daily-RSI slope re-renters the bullish territory.
The intraday trading volume in Ethereum is $10 Billion, indicating a loss of 16.5%.
The Ethereum coin price rebounded from the $1100-$1085 support twice over the past three weeks, indicating the buyers are actively defending this level. The last reversal has pushed the price 18%, and it currently trades at $1277.
The bullish reversal has breached two resistance levels of $1220 and $1270, offering strong support levels to bolster a recovery rally. As of now, the daily candle shows higher price rejection, suggesting a retest phase is on its way.
Moreover, both the aforementioned level are suitable to support the resumption of a bullish rally. The post-retest rally may drive the price 12% higher to hit reach the $1425 resistance.
Global In/Out of the Money metric
Concerning the current price of Ethereum, $1285, the Global In/Out of the Money (GIOM) on-chain metric suggests 49.84% of ETH holders are in profit, whereas 45.3% of holders are in loss. The indicator offers a neutral outlook, with both aforementioned parties near the 50% mark.
However, the tiny red cluster with a mean value of $1400 indicates this level is weak resistance, which increases the chance of price recovery.
Relative Strength Index: the daily-RSI slope jumps above the neutral line after nearly a month, indicating the market sentiment is improving
EMAs: the rising price reclaimed the 20-day EMA, offering early signs of a bullish recovery. However, the other EMAs(50, 100, and 200) could provide additional resistance against a potential rally.
Ethereum intraday price levels
Spot price: $1278
Resistance level- $1370 and $1425
Support level- $1270 and $1220
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.