The Ethereum price has shown a hopeful rebound following the sell-off, although ETH bulls will struggle above $4,300.

Mr. Plan ₿
2 min readDec 11, 2021
Source photo Unsplash

After recovering from a swing low of $3,838 in price, Ethereum has provided a positive outlook.
ETH bulls are looking for higher levels, but the token’s upward potential may be restricted around $4,300.
Slicing over $4,387, on the other hand, may reveal a 25% increase in Ethereum.

On December 11, the price of Ethereum swiftly rebounded from its swing low of $3,838, achieving a 5% rise above the psychological milestone of $4,000 for the first time. While ETH is now favoring bulls, the cryptocurrency may have difficulty reaching higher levels as significant resistance near $4,300 appears.

Ethereum’s pricing is still a little unsure.

On the 12-hour chart, Ethereum price has formed a symmetrical triangular formation, indicating market hesitation. As it sought to reverse the period of underperformance, ETH quickly bounced from the bottom border of the dominating technical pattern at $3,838.

While the swift rebound looks to be a hopeful move to the upside, indicating a reversal in momentum for the Ethereum price, ETH may face a difficult obstacle ahead that might stymie its advance.

The first barrier for Ethereum pricing is the 50% retracement level at $4,139. The upcoming obstacle seems to be a difficult test for ETH to overcome around $4,289, where the 21-hour, 50-hour, and 61.8 percent Fibonacci retracement levels cross.

According to IntotheBlock’s In/Out of Money Around Price (IOMAP) model, the greatest cluster of underwater investors acquired 12.15 million ETH at an average pricing of $4,336, constituting the most difficult obstacle for Ethereum price in the short future.

Only if Ethereum price can clear the significant barrier at $4,289 will it be able to hit the 100 twelve-hour SMA at $4,348.

A spike in purchase orders might send the token to the upper border of the triangle, which is $4,387. Investors should keep in mind that a break over the previously indicated resistance level would open the door to a 26 percent rise into $5,416, the bullish goal set by the ruling technical pattern.

If selling pressure builds, Ethereum price may find immediate support around the 38.2 percent Fibonacci retracement level of $3,989, followed by the 200 twelve-hour SMA of $3,890. At $3,854, the lower limit of the triangle will also provide as a stable foothold for ETH.



Mr. Plan ₿

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