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28 November 2021
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Ethereum

Ethereum (ETH) Price In A Decisive Phase, A Breakout Could Hit $4K, But Wait There’s A Catch!

Ethereum price after breaching the crucial resistance levels at $3640, headed strongly towards the next levels at $3859. It seemed that the asset may hit $4000 soon, but initiated with a narrow trend along with $3800. No doubt the ETH price attempted to hit higher highs, yet turned out to be a fake-out. 

Moreover, the asset also experienced a price drain which dragged the price back into the resistance flipped into support levels. Luckily, the asset managed to rebound before entering the zone and again coiled up around $3800. The decrease in the volatility in the past couple of hours points out towards the accumulation before pulling the next leg up.

ethereum
Source: Tradingview

The parallel channel trend of ETH price is visible in both the daily and the hourly chart. The narrow trend is influencing the price to remain low-key. However, the trend and the market sentiments both are pretty bullish and have no signs of a dump or correction in the short term. If in case the asset undergoes a downtrend, then the lower support levels at $3700 would hold the price tight and provide enough boost to propel high. 

As said, the Ethereum price is attempting to attain higher highs but with a lowered pace and reducing large spikes. And hence a breakout from these levels could appear without recording huge green candles. If in case, the ETH price slides down, then a notable flip could be in place at $3800 or else the strong support levels at $2785 may hold tight.

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