- Ethereum depicts bullishness after the latest market fall.
- ETH/USD has regained around 18% so far, reclaiming $4,200.
- The altcoin has its next resistance level at $4,400.
Ethereum shows a bullish outlook today as market players anticipate a continuous retracement. ETH/USD manages to overcome the resistance at $4,200, with momentum to explore the $4,400 level in today’s later sessions.
The crypto space has experienced a lucrative recovery in the past 24 hours. Bitcoin gained 4.86%, while Ethereum surged 7.82%. However, Terra (LUNA) outperformed the crypto market, gaining 36% to hit an ATH.
ETH Regains 18% from Previous Low
ETH/USD hovered inside the $3,872 – $4,237 range, showing moderate volatility within the previous day. Trading volume dropped by 29.9% to $28.3 billion as Ethereum market capitalization hovered at $500 billion. With that, ETH’s market dominance stood at 21.65%.
ETH-USD 4Hr Chart – Ethereum Eyes $4,400
According to the 4hr chart, Ethereum’s price actions move up gradually. With that, the largest altcoin appears to eye the challenge at $4,400 next.
Ethereum has witnessed massive volatility in the past few weeks. That was as the market moved on an expanding range, setting lower lows and higher highs. ETH touched $4,750 towards November end. With that, it formed a sturdy higher high, suggesting further uptrends.
However, ETH failed to extend its leg up on December 3 and suffered a massive plummet through Friday. The alt lost more than 20% within 24 hours, setting a colossal lower low as the crypto hovered at $3,600.
Nevertheless, Ethereum recorded a sharp recovery early on Saturday. With that, ETH rose past its previous massive support of $3,950. Bulls remained committed overnight, taking ETH high to the next resistance at $4,200.
The RSI registered a higher low regardless of the crash, showing strength, supporting a speedy price recovery. MACD remained bullish before ETH plunged. However, the decline had the indicator rolling over as MAs flipped downward and histogram dipped into the negative region. If Ethereum stabilizes beyond $4,000, MACD will shift to bullishness.
Ethereum displays bullish movement today as it maintained its upward stance overnight. For now, ETH/USD has chances to continue rising in the upcoming trading sessions, exploring the hurdle at $4,400.