- Ethereum price auctions just below a strong resistance level.
- The bulls have forged a 7% ETH rally on the week.
- A retest of the mid-$1,200 zone would make it void of the bullish potential.
Ethereum price shows potential for more upside. As the ETH price rapidly ascends toward significant resistant zones, traders may want to wait for ideal buy signals before entering the market.
Ethereum price aims for $1,400
Ethereum price has investors paying close attention as the decentralized smart-contract token has risen by 7% on the week. On December 14, a bullish trend is displayed on smaller time frames. While optimism entices traders to engage in the market for short-term scalps, ETH price still faces significant resistance above.
Ethereum price currently auctions at $1,338. On December 6, FX'Street's Akash Grimath accurately predicted the recent uptrend spike into the mid $1,300 barrier. According to Akash, the volume profile gaps established in November give ETH the potential to rally as high as $1,545.
A Fibonacci Retracement tool surrounding November's swing high at $1,680 to November's swing low at $1,075 shows the price currently auctioning under the 50% fib level. A flip of the significant resistant zone followed by a brief consolidation should be enough to project the ETH price into higher Fib Targets near the $1,400 zone.
Considering the speed of ETH’s current price action, traders may consider utilizing smaller time frame trading methods like moving average crosses and RSI divergences to mitigate and reduce overall risks.
ETH/USDT 2-Hour Chart
At the time of writing, a breach below the Monday low at $1,238 would invalidate the bullish trend. A violation of the low could lead to a retest of the lower half of November's trading range near $1,100. The Ethereum price could decline by 20% if the bearish scenario occurs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.