After Ethereum (ETH) closed November at $ 616, this level remained a key resistance price for ETH/USDT. We analysed the latest status of ETH/USDT in our December 4th Altcoin analysis content.
Ethereum broke up the channel we mentioned in our last analysis, reaching as high as $ 635. However, strong sales from this level caused ETH/USDT to drop to $ 560 on the first day of December. After this volatile movement that took place on the same day, Ether, which has been recovering for the last two days, could rise to $ 623. Ethereum, which was gaining weight as a seller in the morning hours today, was changing hands on the 8-day EMA value at $ 585.
Daily Chart of ETH/USDT
We witnessed that ETH/USDT dropped to $ 480 when EMA8 dynamic support broke in the last week of November. That’s why today’s $ 585 support is extremely important for Ethereum to continue its upward momentum. If there is a 3-hour close below $ 485 today, the largest altcoin could drop to $ 545 levels.
When we examine the 3-hour ETH/USDT chart to take a closer look at the last outlook, we see that there is another intermediate support at $ 570 after the $ 585 support. This level corresponds to EMA89 in 3 hours and Fib 0.5 according to the recent uptrend.
In the bullish scenario, if Ethereum can hold onto the $ 585 support, the $ 605 resistance will come back on the agenda. Above this level, there is an intermediate resistance at an average of $ 615.
When we look at the latest situation, a band movement in the range of $ 585 – $ 615 seems to be decisive for Ethereum to enter a new setup.
3-Hour ETH/USDT Chart
On the daily outlook, the stochastic RSI has taken a break from the bullish and represents the band movement with its horizontal position. On the 3-hour view, there is a bearish signal depending on the correction. As a result, we can see a new trend depending on the exit direction from the 585 – 615 dollar range that we have indicated on the chart.