Ethereum is the world’s second most popular cryptocurrency. The EEA (Enterprise Ethereum Alliance) comes up with big names such as Microsoft, JPMorgan Chase, Intel, and many other reputed companies.
It is a blockchain-based platform and enables developers to build decentralized applications suitable for various purposes. The application will be based on a blockchain, so participants of the particular application will be the decision-making authority- and not run by a centralized authority.
ETH can be considered as the fuel that runs the network. It is the Ethereum cryptocurrency. It plays the role of a currency during the transaction in the Ethereum network. Moreover, it is a peer-to-peer currency. It can be used for building decentralized applications, smart contracts, and peer-to-peer payments.
At the time of writing this Ethereum technical analysis, the ETH price is around $4732. At a glance, the chart is looking very bullish. $4014 is the strong support level of ETH; it seems that it may not break the level. It is going towards the ATH of $4864; now, it is working at the resistance level.
Many new investors can be excited after looking at this bullish chart. Before making any future price prediction, let’s get more insights into the technicals of Ethereum.
On the daily chart, the MACD line is around 53, and the red line is 23, which means MACD is bullish. The RSI is also strong, around 58. Both of these tools reflect a bullish trend.
The last five candlesticks are bullish, and the ETH coin has taken a strong momentum from the support level. Now the last two candlesticks have formed in the upper half of the Bollinger Band, which is a strong bullish signal. The Moving Average line is also in an uptrend. It is interesting to note that today’s (Dec 1) candlestick is forming well above the MA line.
Overall it is a bullish market. Should you invest in such a situation? In such a case, a new investor should wait for a trend line; if the ATH works as a resistance level, then it may come down again to the support level.
If you have already invested in ETH, then it is time to book some profit. If you are a new investor, you should wait for a buying opportunity. It seems to be bullish, but you should wait for a resistance break out. Indeed, ETH is a popular cryptocurrency; if you are a long-term investor, you can invest in it anytime.