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The price of Ethereum (ETH) has started to consolidate above the 21 SMA on daily charts. As long as it remains above this psychological level of 4,000, it could gain momentum and reach the resistance of 6/8 Murray at 4,375.
The price of Ethereum has seen a sharp drop so far this month. After establishing a series of tests at the 4/8 Murray support around 3,750, it is now rebounding, and the outlook may be positive for the next few days.
Ethereum market sentiment is bullish for today as we expect it to consolidate above 4,062. There may be a bullish sequence that could go as high as 4,687. Therefore, ETH/USD should be heading to test more highs, with the closest resistance at 4,375 (6/8).
On the daily chart, we can see that the price of Ether has formed a symmetrical triangle pattern. Yesterday, a breakout confirmed the upward potential that may exist in the next few days.
While it is true ETH is now consolidating above the 5/8 Murray and the 21 SMA, it may be a sign that more buyers are positioned to push the price up to the psychological level of 5,000.
Our trading plan is to buy above the 21 SMA and above the 5/8 Murray with targets at 4,375 and 4,687. The eagle indicator is giving a bullish signal.
Support and Resistance Levels for December 24 - 27, 2021
Resistance (3) 4,375
Resistance (2) 4,208
Resistance (1) 4,174
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Support (1) 3,947
Support (2) 3,786
Support (3) 3,642
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A trading tip for ETH on December 24 - 27, 2021
Buy above 4,000 (21 SMA) with take profit at 4,375 (6/8) and 4,687 (7/8), stop loss below 3,910.
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