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On November 30th, the Ethereum price witnessed a significant inflow resulting in a massive breakout from $1220 and $1275 resistance in one strike. Thus, this reclaimed level offers a long entry opportunity and assists buyers in driving an ETH price higher. But; how far this potential rally may go?
Key points:
- A possible retest to the $1270 or $1220 will replenish the bullish momentum
- The daily-RSI slope re-renters the bullish territory.
- The intraday trading volume in Ethereum is $10 Billion, indicating a loss of 16.5%.
Source- Tradingview
The Ethereum coin price rebounded from the $1100-$1085 support twice over the past three weeks, indicating the buyers are actively defending this level. The last reversal has pushed the price 18%, and it currently trades at $1277.
The bullish reversal has breached two resistance levels of $1220 and $1270, offering strong support levels to bolster a recovery rally. As of now, the daily candle shows higher price rejection, suggesting a retest phase is on its way.
Moreover, both the aforementioned level are suitable to support the resumption of a bullish rally. The post-retest rally may drive the price 12% higher to hit reach the $1425 resistance.
Global In/Out of the Money metric
Source- intotheblock
Concerning the current price of Ethereum, $1285, the Global In/Out of the Money (GIOM) on-chain metric suggests 49.84% of ETH holders are in profit, whereas 45.3% of holders are in loss. The indicator offers a neutral outlook, with both aforementioned parties near the 50% mark.
However, the tiny red cluster with a mean value of $1400 indicates this level is weak resistance, which increases the chance of price recovery.
Technical indicator-
Relative Strength Index: the daily-RSI slope jumps above the neutral line after nearly a month, indicating the market sentiment is improving
EMAs: the rising price reclaimed the 20-day EMA, offering early signs of a bullish recovery. However, the other EMAs(50, 100, and 200) could provide additional resistance against a potential rally.
Ethereum intraday price levels
- Spot price: $1278
- Trend: Bullish
- Volatility: Medium
- Resistance level- $1370 and $1425
- Support level- $1270 and $1220
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