The Ethereum price has risen significantly in recent weeks due to rumors about an Ethereum ETF. With the bull run, the Ether token was able to forget the last quite weak weeks
Ethereum is going through the “boring” part of the bullish movement, the one that involves repeated trend changes in a sideways range. Accumulation opportunity for newcomers.
On November 10 and 24, Ethereum (ETH) quotes reached relative highs very close to each other, in the very narrow zone between 2132.52 and 2137.00. The cryptocurrency therefore confirms, in the exchange rate against the US dollar, the expectations of the development of a stabilization phase within the underlying bullish trend, expectations that we expressed during our most recent analysis.
Over the last 17 sessions, stocks have simply made repeated trend changes in the space between the aforementioned highs and the low of 1907.29 recorded on November 17. There are still no technical signs of exhaustion, at least in the immediate future, of this type of movement. In fact, the market is likely to be subject to frequent reversals for at least another 5 to 10 days.
In fact, on a long-term chart, with weekly candles, we can see how the shape of the last two candles is the typical one that occurs during periods of market non-directionality: there are large shadows and relatively narrow bodies, of alternating color.
Ethereum Intraday Scan Chart Analysis
Below is the intraday scan chart analysis, with 30-minute bars, to take a closer look at the particular price action over the last week. The values once again came into contact with the high zone, the same one where the large resistance zone passes at 2117.00/2162.00. Within this zone you can distinguish several resistances that, at this moment, are probably still too strong for the market.
Ethereum is in the accumulation phase; That is, in this period it needs repeated approaches to support zones, points from which it can obtain “fresh” liquidity. Only in this way will it be possible to create the appropriate conditions for the development of new demonstrations, probably starting in the second half of December.
Supports are currently at the same levels as last week: the nearest at 1983.00/1999.00 and the main at 1850.00/1865.00. Underlying guidance remains bullish with trend targets confirmed at 2286.00/89.00 and possibly 2364.00/66.00. Once the first objective has been achieved, it will be necessary in any case to proceed with an update.
All levels will be revised in the next analysis only in case of breaking 1850.00, with at least one downward close on the 30-minute chart. As it is 7:18 pm on Monday, November 27, Ethereum is trading on the world’s best exchanges at 2017.36, a decrease of -2.21% daily.
How Has the Price of Ethereum Moved in Recent Weeks?
The price of Ethereum has increased significantly in recent weeks. From a price of $1,550 in early October, the Ether token has seen a significant rise in the last 6 to 7 weeks and climbed back above the $2,000 mark. At times, the price of Ethereum could even exceed $2,100.
Over the past 3 to 4 weeks, Ethereum price has seen its price rise, mainly due to rumors about an upcoming Ethereum ETF. There were early signs that asset manager Blackrock is also planning ETFs for Ethereum.
By Leonardo Perez
