- Ethereum price prediction takes a U-turn as the bullish wave sweeps ETH/USD
- ETH prices have risen from November 26 lows to touch a $546 high
- ETH/USD technical indicators signal a short-term recovery rally is underway
Ethereum price prediction bounces towards a positive direction with technical support
The rout in the crypto markets seems to be over, with most coins pointing upwards. The recent correction in BTC and all significant altcoins that began on November 26 wiped off considerable value from the coins. ETH/USD touched a low of $480 after falling from yearly peak of $621. Crypto analysts were already worried about the bullish technical indicators saying a correction was overdue in bullish Ethereum price prediction.
Today, it seems that the downfall is over, at least on the hourly timeframe. Ethereum price prediction, which earlier was bearish, is now within a positive bias. It is trading near $540 – which is near the middle of the Bollinger Bands. Buyers are slowly reclaiming the pair saving it from the 8.58 percent decline on Monday.
After a mixed start, ETH/USD is steadily going upwards. The pair is posting green buy candles. The first resistance on the upward trajectory lies at $571.
Ethereum price movement in the last 24 hours – Stable with a positive bias
Ethereum started rising steadily after the $480 lows meeting its first credible resistance at the $531 level. The price will next target $571 resistance if the volume momentum keeps going. The buying action started building up near the 23.6 percent Fibonacci retracement of $495. Further, the pair faced more bullish support at $519 resistance, going past it within a few hours.
ETH/USD needs to close above $560 region to keep the bull run active. Thin liquidity on the weekend can work in the pair’s favor. The last few weekends were instrumental in helping ETH touch new price levels.
The Fibonacci Retracement levels from $623 high to $480 low are now in play. The $479 low represents the 78.6 percent Fib retracement from the annual highs.
ETH/USD 4-hour chart – Upward biased with green buy candles
For Ethereum price prediction to remain bullish, it must avoid falling under $514. If bears accelerate selling, the pair can find immediate support at$535. But the 4-hour chart reflects how technical indicators are now moderately toned down from the annual peak. The exuberance has given way to healthy correction.
The broader crypto market has recovered from the November 26 lows. So, significant altcoins are now trading in an uptrend on the hourly timeframes. For Ethereum to break above $571 resistance, the pair must be pushed up with significant volume.
Barring an extended bull run, Ethereum will encounter first resistance at $571. A pullback may happen at $517 since as sellers will emerge, and profit booking kicks in. Already, it is experiencing some selling near the $554 price mark. MACD has made a crossover on the hourly chart. Also, the RSI at 53 signals that bulls have a shot at the annual highs once again.
Ethereum price prediction conclusion – Signs of next bull run emerging
ETH/USD is on a recovery path ever since defending the $503 support. The current session is trading within a narrow range of $540 to $529. The simple moving average is neutral with an upward bias. Also, the 5-hour SMA is now trading below the price.
The 38.2 percent Fib retracement of $503 has also played a vital pivot point role. The uptrend is now covering every significant support and resistance along the Fib line from $310 to the 2020 high of $623. Therefore, the pair is likely to experience resistance at $579 and $563. Bulls can use $550 and $540 as accumulation pivot points for higher jumps.
On the upside, the significant resistance of $615.19 will likely cap any exuberant bull run. On the daily front, the pair must close the week above $595 to target higher levels, including $637 and $668 before December ends. The 100-bar MA in the 4-hour chart is currently active and giving resistance to the uptrend above $549. If the long-term Ethereum price prediction is right, the much-expected correction will finally give way to the next bull run.
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