Ether (ETH) Holds Above $4,200 While Selling Pressure Persists

Ether (ETH) Holds Above $4,200 While Selling Pressure Persists

By FX Empire | FX Empire | 25 Nov 2021


The $4,000 level is presenting itself as the “line in the sand” for the sellers in Ether in the short term.

Ether (ETH) is trapped in a stagnation zone around the $4,300 level while being supported by the 50-period simple moving average at the H4 chart across the board.

The bulls had been active in keeping alive the buying demand above the $4,000 handle on the cryptocurrency, and it seems that eyes are on levels above $4,400.

 

The 200-period simple moving average is presented as the next tough nut to crack in the context of a further bullish steam that the second’s largest crypto by market cap could gather.

The 200 SMA has the Keys

Moreover, the optimistic scenario strengthens because the higher low sequence from the November 19th session hints at the possibility of heading northwards.

So far, as ETH struggles to make a definite breakout above 200 SMA, one could expect the crypto remains in a rangebound ahead of the definite move

If it cracks above the critical barrier of $4,400, eyes will be on the $4,600 zone in the first degree, putting the crypto on a bullish perspective ahead of the $4,900 level for the near term.

After clearing out that zone, Ether will enter a discovery phase where the sky could be the limit, and eventually, the crypto could reach the next critical level at $6,000.

 

Eyeing $3,500?

Still, from a bearish point of view, if ETH’s sellers take a plunge and break below the psychological level of $4,000, eyes will be on the $3,700 zone as the next hurdle to overcome for the bears, followed by the $3,500 level.

Moreover, as the RSI indicator is losing steam, its slope should consolidate below the equilibrium zone to allow more losses ahead in Ether.

While the death cross lasts in the cryptocurrency, the bearish bias could persist in the near term, although an upwards breakout is still on the cards, and once it happens, the bull-run will gather momentum to attack again for a retesting of the all-time highs.

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