Ethereum has become non-volatile and impulsive after bouncing from the dynamic level. Ethereum surged over $635 key resistance level. Will bulls continue the bullish trend further in the process? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
December 18, 2020, | AtoZ Markets – Ethereum rose today morning during the Asian session against the U.S. Dollar. Ethereum is currently trading around $640 area and trying to retrace downside. After bouncing from $580 to $585 support area, the bulls pushed the price higher quite impulsively and reached May 2018’s high. As per the current price action, Ethereum may retrace downside in the coming days.
Furthermore, Ethereum blockchain native’s token ETH hopes to reach $750 in the final quarter as it holds over a significant technical support level. On Monday, the ETH/USD interchange rate endeavored to penetrate a short-term rising trendline for the 10th time since November 26. However, the bulls held up close to the strong base, raising the pair’s capability to log a bounce back in the coming days.
Ethereum Surged Over as Bulls Are Optimistic
Ethereum is currently residing near $640 area and trying to push downward. However, the price is still residing above the Kijun line and the Tenkan line on the Intraday chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum surged over and currently trading around $640 area. As per the current price action, if the price retraces downside towards $635 to $620 area and bounced upside with an impulsive 4-hour candle clsoe, the bulls may sustain the bullish trend towards $690 to $700 area.
In addition, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may hold the price as strong support. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
ETH May Continue the Bullish Bias
According to the daily chart, Ethereum surged over as bulls are optimistic. As per the current scenario, if the price can have an impulsive bullish candle above $620 to $635 support area, the bulls may recover higher towards $690 to $700 area as a first target. The second target will be $790 to $800 area if the price can break above $690 to $700 area in the coming days.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price upward. Also, the MACD lines are currently residing above 0.00 level. It indicates that the bulls are still present in the market.
To conclude, after an extended period of volatility, Ethereum successfully broke above $620 to $635 resistance area. A daily close will help to identify the definite momentum in the coming days.