Ethereum price rises to $700 as bulls hold steady
2 min readTL;DR Breakdown
- Ethereum price currently at $693.96
- Price to observe sideways movement across the short-term charts
- Weekly charts suggesting a bullish entry into 2021
Ethereum (ETH) price has finally crossed above the $675 level as ETH charged above the $7000 mark before falling back. The cryptocurrency enjoys bullish sentiment as price trades above the $650 mark showing a 7.7 percent increase across the 24-hour timeframe.
The broader cryptocurrency market sentiment is also bullish, with most top cryptocurrencies, other than XRP, enjoying a significant rise across the last 24-hours. Bitcoin crossed above the $27,000 mark, and while the price may have retraced since then, the asset enjoys a bullish weekly movement.
Ethereum price across December
Ethereum price started December with strong bullish momentum as the price action completed a V-shaped recovery to November’s high of $625. However, the price action could not continue the upwards movement, and ETH observed sideways movement at the level. As the bullish momentum exhausted, the price action failed to maintain at the $600 level, and the price declined to support level at $530 price level.
The support level turned out to the month’s lowest as the buyers defended the level twice despite the increasing bearish pressure. As the bearish pressure subsided, Ethereum price started rising, and ETH quickly rose above the $575 mark, with bulls dominating the markets.
By December 17, the price had risen above the $625 mark, but the bulls showed exhaustion as the size of the green sticks decreased before eventually turning red. Ethereum price observed sideways movement at the $650 price level as the bulls failed to break above the resistance level. Subsequently, the price declined as the bulls exhausted,
The price fell to the $575 level before bouncing back. The price moved in an ascending channel to make a V-shaped breaking above. The price observed a spike that carried it above the $700 level. Since then, the price has fallen below the level but trades near the $700 price mark.
Across the technical indicators, the MACD shows increasing bullish momentum as the two EMAs continue to diverge. The Bollinger bands are expanded but do not show convergence suggesting that ETH would continue to observe sharp volatility for a while. Meanwhile, the RSI moves near the 70.00 mark showing little room for upwards movement.
Traders should expect Ethereum price to observe sideways movement at the level before breaking above the level. Currently, the price faces resistance at the $700.00 level and further above at $725. However, if the price breaks below, Ethereum price may fall back to the $650 level with strong support laying at the $600 price level.
Ethereum price across the weekly frames
Across the weekly frames, Ethereum is moving inside an ascending channel since the start of October and is expected to continue moving inside the channel for quite a while. Across the weekly frames, Ethereum can be expected to end 2020 above the $750 level, with bullish momentum marking the charts.
