Ethereum(ETH)/USDT Technical Analysis: 01 December 2021

Ethereum(ETH)/USDT Technical Analysis at a Glance

The world’s second-largest crypto according to the market cap, the Ethereum coin has ignited with an uptrend, yet with a steady approach. Ever since it flipped the bears in mid of July, the Ethereum cryptocurrency price has maintained a constant uptrend. No doubt minor pullbacks and consolidations paused the rally for some time, yet the asset ranged above the barriers like a giant. 

Ethereum Price Technical Indicators

Ever since the ethereum cryptocurrency price has managed to mark its highs above $4800, multiple sell-offs or minor crashes made their way out. However, the asset stood strongly above $4000 levels. Currently, ETH price is ranging high to smash the current ATH and eventually discover new highs. 

Relative Strength Index(RSI)

The RSI amid the recent sell-off was approaching the lower levels, yet it bounced off before visiting the levels. Ever since then the RSI has been rising and swinging very close to upper levels in the short term. In the long term, the RSI is mid-way, igniting itself towards the upper barriers. And hence if the RSI maintains around the current levels, a notable uptrend is imminent

MACD

The MACD in the long term has just flipped from the bearish trend, indicating an upcoming bullish trend. Previously when the flip happened the price ranged from $2700 to as high as $4800. And hence the current flip may uplift the price close to $6000. In the short term, a slight selling pressure appears to have mounted and hence one can expect a small correction. 

Moving Average(MA)

Both the moving averages 100-day and 200-day are going parallel since the last week of November in the short term. However, due to the recent surge, the 100-day MA crossed the 200-day MA signaling a buy. In the long term, the price is trending along with these support levels. Both the averages are pretty far off and no signal of sell is displayed. 

Bollinger Bands 

In the long term, the price is testing the upper bands of Bollinger bands As no squeeze in between the upper & lower band is witnessed, no steep price movements in any direction are expected. In the short term, the price is trending along with the upper bands from the past couple of days. And hence the price could continue to range along with the upper bands and smash new highs very soon.

Additional Read: Ethereum Merge Explained

Ethereum Price Analysis for the Week

The Ethereum price after consolidation for a couple of days initiated an uptrend from levels around $4000 to surge around $4750. The price since then is trending along the uptrend line in the hourly chart. However, in the daily time frame, the asset appears to follow a particular pattern. And following a similar pattern, the next leg up may uplift the price close to $6000.

Source: Tradingview Date: 01-12-2021 TIme: 3:30pm

• The price in the short term is surging along with the rising wedge and hence a minor correction may be fast approaching. 
• The asset needs to hold strong at the local support levels around $4689 else the next support levels are around $4527
• ETH price needs to test the ATH around $4859.5 at the earliest to discover new highs above $5000

Ethereum Price for Today: 01 December 2021

Ethereum cryptocurrency is surging since the early trading hours aiming to register the highest daily close. No doubt minor pullbacks may hinder the rally, yet the asset could reach its destination. Currently, the Ethereum price is around $4727.42 with 6.31% compared to the past 24 hours. The trading volume has increased by more than 47.80% recording more than $30 billion. The market cap stands strong above $561 billion, half of the market cap of Bitcoin. 

Where to Buy Ethereum 

Ethereum is considered one of the stable investments of all time as the volatility rate is manageable. Investing in Ethereum is pretty easy on CoinDCX, which is one of the largest cryptocurrency exchanges in India. The user can experience hassle-free trading at affordable prices. All you need to do is download the CoinDCX mobile app on your smartphone. 

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