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ETH Price Analysis: Bulls Cut Through $4,400 Barrier for Fresh All-Time Highs As Over $1Bln in Ether Options Set To Expire

ETH
  • ETH got a lift against the USD and is about to end the week in the greens as buying traction returns
  • Today, Ether prices rose to $4,406 at the time of analysis, adding to the steep gains seen in the current month
  • Derivatives data suggests bulls may try to seize it before the Ethereum options expiry

After a recent correction and profit-taking towards the end of October/beginning of November, the overall cryptocurrency market seems to rebound. ETH got a lift against the USD and is about to end the week in the greens as buying traction returns. It has been a positive day for Ethereum and gains have pushed the bulls to cut through the $4,400 barrier for fresh all-time highs after it was unable to reach new record levels in the prior week. The price of ETH has already increased by 1,000% since this time last year, and its market capitalization has topped $500 billion for the first time. Today, Ether prices rose to $4,406 at the time of analysis, adding to the steep gains seen in the current month. ETH/USD is hovering at $4,317 presently with more room for the upside. The price of Ethereum is on the verge of hitting a new all-time high, and derivatives data suggest bulls may try to seize it before the Ethereum options expiry. According to data obtained from information source Bybt, more than $1 billion worth of Ether options expires today, with many of them being quite positive.

Key Levels
Resistance Levels: $5,000, $4,800, $4,500
Support Levels: $4,200, $4,000, $3,700

ETH/USD Daily Chart: Bullish

ETH/USD Daily Chart

ETH/USD got a lift breaking the $4,400 resistance line, and reached $4,406 before a mild pullback. Ether’s trend may maintain its bullish bias currently, yet today’s options expiry could alter its direction. Should the buying interest be extended we may see the pair breaking the $4,500 resistance line and taking aim for the $4,700 level.

Should sellers dictate the pair’s direction, we may see it aiming if not breaking the $4,200 support line. On the positive side, an overbought Relative Strength Index could temporarily limit the range of the rally. However, renewed optimism may send the pair past the daily resistance at $4,400 and $4,200 and $4,000 is the support in case of a pullback.

ETH/USD 4-Hour Chart: Bullish

ETH/USD 4-Hour Chart

The ETH/USD is consolidating above the $4,200 level. The positive structure is supported by moving average (MA 50), and a further expansion above the 4-hour moving average (MA 200) could help the pair gain. If all other factors remain constant, the Ether’s price may continue to rise in the coming trading hours as bullish bearing remains in force above the $4,200 support.

A breakout through the upper line of a horizontal channel pattern may take place. The short-term Relative Strength Index is reflecting the minor pullback in the pair but also shows that positive momentum may just be taking a breather. The short-term oscillators are demonstrating that buying interest has not fully subsided.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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