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NewsBTC 2021-12-01 05:08:11

Ethereum Rallies 5%, Why ETH Could Surge To New ATH Above $5K

Ethereum gained pace above the $4,550 resistance against the US Dollar. ETH is trading above $4,700 and it could accelerate further higher in the near term. Ethereum is trading in a bullish zone above the $4,550 level. The price is now well above $4,650 and the 100 hourly simple moving average. There was a break above a major ascending channel with resistance near $4,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue higher if it stays above the $4,650 support level in the near term. Ethereum Price Rallies Above $4,700 Ethereum remained stable above the $4,500 level and started a fresh increase. ETH broke the $4,600 level to move further into a bullish zone. There was a clear break above the $4,650 level and the 100 hourly simple moving average. Besides, there was a break above a major ascending channel with resistance near $4,560 on the hourly chart of ETH/USD. The pair climbed to a new multi-week high above the $4,700 level. It traded as high as $4,774 and is currently correcting lower. It is trading above the 23.6% Fib retracement level of the upward move from the $4,352 swing low to $4,774 high. Source: ETHUSD on TradingView.com An initial resistance on the upside is near the $4,775 level. The first major resistance is near the $4,800 level. A close above the $4,775 and $4,800 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $5,000 le...

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