Hello everybody, the price of Ethereum has steadily increased since 29 November. Ethereum looks to be strengthening which is a bit of a divergence from Bitcoin. We have broken through monthly level at $4300. Currently, the price of ETH is heading towards zone at $4650-$4750. However, before that, there is a probability that the price will fall to demand zone at $4300-$4400.
Levels to Watch:
- Monthly support at $4300
- Weakly support at $3950
- Point of control(D) (from 80 bars) at $4300 (support)
- Demand zone (Trapped traders) at $4300-$4400
Open Interest
Price rising same as open interest which indicates strong bullish trend and price will likely continue to rise.
Initial Balance
High Volume in the first hour of the session indicates a rangebound session. Low range in the first hour of the session means a trading session. Daily open is near IB Low and participants drove the price up on open which indicates a higher probability of an up-trending session.
Overall, in the short term, I expect price to rise to around $4700-$4800. On this level, we should see rejection and if price stays around this level we should break this zone in a few days. Otherwise, a decline to demand zone at $4300-$4400 is expected.
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Disclaimer: Not financial advice. Please be careful when trading this channel is just my opinion and perspective of what the charts look like in my opinion. This is to be used ALONGside your technical analysis and to give you things think about that you might have missed. You have to make your own decisions investing is risky. Don't invest what you can't afford to lose.
Hope you found today’s article helpful. Have a nice day :)
