Ethereum (ETH) Displays Bullish Technical Signals, Suggesting Potential Recovery

• ETH price has consolidated within a continuation formation since the initial sessions of December.
• A technical indicator highlights a potential bounce by Ethereum.
• Slicing past $4,099 may see ETH on an upward move, gaining 22%.

Ethereum (ETH) had its price in sideways trends within a consolidation formation since 3 December. The leading alternative coin has printed a bullish gesture, indicating that the crypto might be prepared to reverse the underperformance period.

ETH May Encounter Challenges Recovering

The 4Hr price chat shows Ethereum formed a symmetrical triangle setup. That comes as the alt faces consolidation. Nevertheless, the Momentum Reversal Indicator indicates that Ether can bounce upward. The MRI displayed a bottom sign as the cryptocurrency neared the prevailing chart formation’s lower border.

However, ETH might face challenges in its potential recovery due to the multiple headwinds that emerged. The initial resistance line stands at 100 4hr SMA at $3,960, then 38.2% FIB retracement area, corresponding with 21 4hr Simple Moving Average at $3,988.

More resistances might emerge at the 50 4Hr Simple Moving Average around $4,020 before ETH approaches the dominant technical pattern’s upper boundary of $4,099. Slicing past these hurdles will open the path for a 22% increase, the prevailing chart’s prediction.

Nevertheless, ETH’s price might face a challenging hurdle near 200 4hr Simple Moving Average at $4,112, corresponding with the Momentum Reversal Indicator’s resistance area. Further headwinds may showcase at 50% retracement area of $4,138, then 61.8% FIB retracement zone at $4,288, then 78.6% FIB retracement area at $4,502.

If Ethereum attracts more selling pressure, ETH price will secure dependable support around 23.6% FIB retracement mark near $3,803. More defense lines will appear at 16 December low of $3,645, then 4 December lowest level of $3,511.

Meanwhile, slicing under the symmetrical triangle pattern’s lower border at $3,768 might expose the alt to a 22% crash towards price levels at $2,934.

Though the recovery hopes, Ethereum might rely on BTC price actions. A decisive Bitcoin move past $50K might trigger upswings for Ethereum. At this publication, Bitcoin battled with bearishness at $47,842.

You can share this article.

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.