Ethereum price is back up above the crucial support level of $4,200 after dropping below it over the weekend. Despite the rebound, the bulls are lacking enough momentum to retest the all-time high (ATH) of $4,466.45.
According to CoinMarketCap, Ethereum’s market cap has dropped by 3.75% while its trading volume is up by 13.70% over the past 24 hours. In comparison, the global crypto market cap is down by 2.34% even as it remains above the crucial level of $2.50 trillion.
ETH has eased at around 4,300 after rebounding in the previous session. Over the weekend, the leading altcoin dropped by about 6.61% from the ATH of 4,466.45 it hit on Friday. At the time of writing, it was up by 0.3%at 4,303.23.
On a two-hour chart, Ethereum price is trading along the 25-day EMA and slightly above the 50-day EMA. Besides, the formation of a symmetrical triangle points to probable consolidation before a major move.
While the outlook is rather neutral, I hold a bullish bias. I expect the crypto to hover around 4,300 in the immediate term. Subsequently, a breakout to the upside may have the bulls beat the current record high to the upper target of 4,500. On the downside, a move below the support zone of 4,200 will have the bears retesting the lower level of 4,064.50. Even with the expected volatility, I am of the opinion that Ethereum price will hold steady above 4,000 in the short term.
This post was last modified on Nov 01, 2021, 04:10 GMT 04:10