Ethereum Resumes Upward Trend

 

Ethereum (ETH) has reignited its bullish momentum, following a breakout above the critical resistance zone at $2,800.0 earlier this month. This breakout marked the beginning of a strong upward trend, driven by a bullish price pattern commonly referred to as “three white soldiers.” This pattern propelled ETH to $3,400.0, signalling robust buyer activity and setting the stage for further gains.

The November breakout coincided with a noticeable increase in transaction volume, underscoring heightened market participation. ETH’s bullish displacement began at $2,430.0 and reached $3,400.0 before pulling back to $3,086.0. This key support level provided the foundation for a continuation of the uptrend. After bouncing off $3,086.0, Ethereum is now charting a course toward the $3,600.0 supply level, with buyers firmly in control.

Ethereum Key Levels

• Demand Levels: $3,086.0, $2,739.0, $2,430.0
• Supply Levels: $3,547.0, $4,013.0, $4,867.0

What Are the Indicators Saying?

The Elder Ray Bull and Bear Power Indicator highlight strong bullish dominance, with readings in positive territory confirming buyer strength. Additionally, Ethereum’s price action above the Moving Averages reinforces the ongoing uptrend. During September and October, ETH prices were range-bound, often consolidating around the Moving Average levels. Now, the Moving Averages trail the price, signalling bullish momentum.

With these indicators aligned, Ethereum is well-positioned to strike $3,600.0 imminently, with the potential to challenge higher supply levels as the bullish trend develops further.

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