Ethereum (ETH) – follows a bullish path above the Ichimoku KumoPosted on Wednesday, November 3 2021 at 9:04 pm GMT+0000
Ethereum (ETH) – Short-term analysis
Ethereum (ETH) follows a bullish path above the Ichimoku Kumo that proves a clear dominance of the buyers in the short term. The cryptocurrency has shown a solid intention to keep refreshing its all-time highs in the midst of the ongoing bullish construction of higher highs and higher lows, which is led by the 200-period simple moving average that provides guidance in that regard.
That said, eyes are in the critical psychological level of $5,000 once ETH manages to consolidate further above $4,500, as long as it keeps the price action for the rest of the week above that area.
However, the risk to the downside still persists due to the overextended structure that could eventually push lower to the second-largest crypto by market cap towards the Kumo around the $4,200 level in a first instance, followed by the psychological area of $4,000.
The MACD indicator somehow supports that pullback scenario as it’s trying to turn neutral in the near term, according to the H4 chart.