. Daily Crypto Analysis - Ethereum Price Reaches Potential Bulls

Daily Crypto Analysis – Ethereum Price Reaches Potential Bulls

Daily Crypto Analysis – Ethereum Price Reaches Potential Bulls

01 Dec 2023

Introduction:

In the crypto landscape, Ethereum defends the critical $2,029 support level, emphasizing the need for ongoing protection against a descent into a bullish breaker zone. Analysts note a capped upward potential at $2,500. If bullish momentum strengthens, Ethereum could exceed $2,100 and potentially touch $2,136.  Meanwhile, Bitcoin consolidates around $38,000, and Ripple’s price holds above the 50-day moving average at $0.5897, hinting at impending market activity.

Ethereum:

Ethereum price defends the $2,029 support level.

The Ethereum (ETH) price remains above the $2,029 support level, needing to safeguard this position to avoid a descent into the supply zone now serving as a bullish breaker. Analysts suggest that its upward potential is constrained, with a ceiling at $2,500.

Should the bulls intensify their efforts, the most substantial alternative coin by market capitalization has the potential to move higher, surpassing $2,100 and reaching the range high of $2,136.

In an exceptionally bullish scenario, potential gains might surpass the previously mentioned local peak and touch the $2,143 range high. This upward movement would represent a 5% increase from the current levels.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 2064.67 | Positive Crossover | Bullish
  • MA 20: 2049.29| Positive Crossover | Bullish
  • MA 50: 2026.07| Positive Crossover | Bullish

Simple:

  • MA 5: 2055.58 | Positive Crossover | Bullish
  • MA 20: 2050.67| Positive Crossover | Bullish
  • MA 50: 2030.76| Positive Crossover | Bullish

RSI (Relative Strength Index): 58.35| Buying Zone |Bullish

Stochastic Oscillator: 87.58| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 2105.66| R2: 2237.55
  • S1: 1997.21| S2: 1897.55

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 2132.03 | Take Profit: 2237.55 | Stop Loss: 2076.55.

Elsewhere In the Crypto Market

The price movement of Bitcoin appears to be top-heavy as it keeps consolidating near $38,000. The price of ripple is still above the 50-day simple moving average at $0.5897, indicating that community members expect action shortly.

Bitcoin up (2.18%) at 38,540, Ethereum up (1.79%) at 2,090.5, Litecoin up (2.23%) at 71.02, Solana up (2.16%) at 60.94, Doge coin up at (0.26%) at 0.83 as of writing time.

Key Economic Events & Data Release Today:

(CNY) Caixin Manufacturing PMI (Nov) Actual 50.7, Forecast 49.3, Previous 49.5 at 07:15.

(EUR) Spanish Manufacturing PMI (Nov) Forecast 42.3, Previous 45.1 at 14:25.

(GBP) Manufacturing PMI (Nov) Forecast 46.7, Previous 44.8 at 15:00.

(EUR) ECB President Lagarde Speaks at 17:00.

(CAD) Employment Change (Nov) Forecast 15.0K, Previous 17.5K at 19:00.

(USD) ISM Manufacturing PMI (Nov) Forecast 47.6, Previous 46.7 at 20:30.

(USD) Fed Chair Powell Speaks at 21:30.