The ETH coin indicated an impressive recovery from its recent correction phase to the 0.382 FIB level. So far, the coin has gained around 20% and is quite close to the ATH resistance of $4860. Check out these levels for the nearest target in case the price gives a bullish breakout.
Key technical points:
- The ETH price bounced back from the 0.382 Fibonacci retracement level
- The ETH coin daily RSI shows a bearish divergence concerning the price action
- The intraday trading volume in the ETHcoin is $19.2 Billion, indicating a 23.46% hike.
Source- ETH/USD chart by Tradingview
The ETH investors had a wonderful time with the October rally, which reached a New All-Time High of $4860. However, November was more like a correction phase, which tried to stabilize the excessive buying. For this minor pullback, the price was plunged to the 0.382 FIB level, and after taking its sweet time to sustain above this level, it seems buyers are back to business.
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As per the crucial EMAs (20, 50, 100, and 20), the coin price is trading above these EMA lines, indicating an overall uptrend. The Relative Strength Index(57) maintains a bullish sentiment in this coin. However, the bearish divergence in the indicators chart suggests some weakness in the new rally.
ETH/USD 4-hour Time Frame Chart
Source- ETH/USD chart by Tradingview
On November 27th, the ETH price initiated price recovery when the price bounced from the $4000 support with daily-Morning star candle pattern. The price is up by 20% from this support and is a pinch far to retest the ATH resistance of $4860.
If the price gives a decisive breakout from the overhead resistance, the crypto traders could get an excellent opportunity to go long. However, the RSI bearish divergence cannot be ignored, and therefore these should strictly follow their risk management.
As per the traditional pivot level, the nearest resistance for ETH price above $4860 is $5235, followed by $5574.
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