Ethereum Price Outlook
Today, Ethereum narrowly missed surpassing the all-time high (ATH) by less than $5, and it is already prepping for another attempt following a harsh rejection (13 percent drop on Bitstamp). As previously reported, Bitcoin flash collapsed on several exchanges, with the price dropping by 87 percent on Binance US within a split second. This drove down the entire market, although prices appear to be recovering.
After the price was rejected, the bulls swiftly bought the support line at $3,900, demonstrating that this move has the potential to carry us above the critical resistance at $4,380 and is also the ETH all-time high.
Contract holdings across the entire cryptocurrency ecosystem have also reached a new high, over $52 billion. This is an increase of more than 80% since the end of September. Bybt, a cryptocurrency data analytics platform, reveals an increase in ETH contract holdings to $11.82 billion. The Purpose Ether ETF is the world's first Ethereum ETF that is physically settled. The ETF's holdings have climbed to 76,000 ETH, an increase of 11,610.93 ETH tokens.
The surge in the price of ETH, caused by whale accumulation and institutional investment, has increased altcoin's market capitalization. As a result, ETH has provided the highest risk-adjusted gains in the last 24 hours compared to all other altcoins.
With growing on-chain activity, Ethereum is now leading the so-called Ethereum-killers cryptocurrencies such as Solana, Cardano, and Polkadot. Nikhil Shamapant's "triple halving" storyline is a catalyst for a large breakthrough in ETH price.
ETH/USD Intraday Technical Levels
Pivot Point: 4153.73
ETH/USD - Technical Outlook
The ETH/USD is consolidating in a narrow trading range between 4153 – 4059 range. On the 4-hour timeframe, the ETH/USD has formed an "ascending triangle" pattern that supports the strong upward tren. The upward trendline is supporting the coin at 4110 level. On the higher side, the next resistance stays at the 4299 level and a bullish crossover of 4299 exposes the ETH coin towards the 4518 and 4664 levels.
On the downside, support prevails at the 4008 and 3934 levels. The ETH/USD has already violated the intraday pivot point support level of 4153.73 level and now this is operating as a resistance for the pair. Lastly, the technical tools like RSI and MACD are in support of buying trend. Therefore, the bullish bias dominates above the 4153 level and vice versa. All the best!
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