• Ethereum price shakes off multiple bearish divergence warnings.
  • An incoming explosive move will likely rally the entirety of the altcoin market – even the laggards.
  • Little resistance ahead to stop Ethereum price from breaking the current all-time high.

Ethereum price has finally displayed some clear and bullish strength. The past couple of weeks have been indecisive and almost warned of an impending bull trap – but sellers ultimately were unable or unwilling to do anything. So now the buy-side is in explicit control.

Ethereum price pushes on towards $4,000 and then to new all-time highs

Ethereum price on the $100/3-box reversal Point and Figure chart is very close to completing a double-top at the $3,900 value area. If that occurs, the entry on the Point and Figure chart is the next box above the double-top at $4,000. The market could see a massive rally higher towards the $8,100 value area from that entry point.

$8,100 is a price zone shard by the 161.8% Fibonacci expansion level, and the projected target zone utilizing the vertical profit-taking method in Point and Figure analysis. $4,200 is the 61.8% Fibonacci expansion and may act as a short profit-taking region, but not a solid resistance zone. The combinations of the Fibonacci expansion, vertical profit target, and psychological number provide a strong case for resistance and the new all-time high to occur at $8,000.

ETH/USD $100/3-box reversal Point and Figure Chart.

As Ethereum approaches the bullish entry level at $4,000, bulls will want to monitor any persistent selling pressure. If buyers cannot close Ethereum price at the $4,000 level, then a drop lower to create a double bottom at $2,800 is very probable. The bearish scenario would invalidate any upside trade ideas and likey confirm a strong bear market.

 

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano price eyes 25% gains as on-chain metrics signal recovery

Cardano price is consolidating after a swift recovery from the December 4 flash crash. Investors can expect the next leg to set up a higher high and flip the narrative bullish. Moreover, on-chain metrics for ADA also suggest that this move is possible.

More Cardano news

Shiba Inu price deviates from the mean, hinting at a 25% upswing for SHIB

Shiba Inu price looks ready to move higher as it collects liquidity resting below crucial levels. This move has primed SHIB for an upswing, and the confirmation will arrive after a higher high is set up. A swing low below $0.0000295 will invalidate the bullish thesis

More Shiba Inu news

Bitmart exchange confirms hack resulting in $200 million in crypto losses

Popular cryptocurrency exchange Bitmart has recently suffered a hack, with an estimated $200 million in losses as a result. The hacker made away with over 20 tokens, including Shiba Inu, Binance Coin, SafeMoon and used decentralized ...

More Cryptocurrencies news

XRP must break $1.20 to regain bullish momentum

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate different patterns and indicators that suggest Ripple faces stiff resistance.

More Ripple news

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP