ETH Price Analysis: Bulls Break $ 4,400 Barrier To New All-Time Highs With Over $ 1 Billion In Ether Options Expiring

  • ETH has rallied against the USD and is about to end the week in the green as purchasing power returns
  • Today, at the time of analysis, ether prices rose to $ 4,406, adding to the steep gains for the current month
  • Derivative data suggests that bulls may attempt to take them before the Ethereum options expire

After a recent correction and profit-taking in late October / early November, the entire cryptocurrency market appears to be recovering. ETH has rallied against the USD and is about to end the week in the green as purchasing power returns. It was a positive day for Ethereum and gains pushed the bulls to break the $ 4,400 mark for new all-time highs after failing to hit new record highs the previous week. The price of ETH has already risen 1,000% since that time last year, and its market capitalization topped $ 500 billion for the first time. Today, at the time of the analysis, Ether prices rose to $ 4,406, which contributed to the steep price gains for the current month. ETH / USD is currently hovering at $ 4,317, with more headroom for the uptrend. Ethereum price is on the verge of hitting a new all-time high and derivative data suggests that bulls may try to grab it before the Ethereum options expire. According to data from information source Bybt, more than $ 1 billion worth of ether options are expiring today, many of which are quite positive.

Key levels
Resistance Levels: $ 5,000, $ 4,800, $ 4,500
Support levels: $ 4,200, $ 4,000, $ 3,700

ETH / USD daily chart: bullish

ETH / USD daily chart

ETH / USD saw a surge that broke the USD 4,400 resistance line and hit the USD 4,406 level before retreating slightly. Ether’s trend could currently maintain its bullish bias, but today’s expiry of the options could change direction. Should buying interest extend, we could see the pair break the $ 4,500 resistance level and target the $ 4,700 level.

Should sellers dictate the direction of the pair, we may see it break the USD 4,200 support line if it does not break. On the plus side, an overbought Relative Strength Index could temporarily narrow the range of the rally. However, renewed optimism could send the pair above the daily resistance at $ 4,400 and $ 4,200, and $ 4,000 is support in the event of a pullback.

ETH / USD 4-hour chart: bullish

ETH / USD 4-hour chart

ETH / USD is consolidating above the USD 4,200 level. The positive structure is supported by the moving average (MA 50) and further expansion above the 4 hour moving average (MA 200) could help the pair to make a profit. If all other factors remain constant, the price of the ether could continue to rise in the coming trading hours as the bullish price action remains in effect above the USD 4,200 support.

A breakout through the top line of a horizontal channel pattern can take place. The short-term Relative Strength Index reflects the pair’s slight pullback, but also shows that the positive momentum may be just taking a breather. The short-term oscillators show that buying interest has not yet completely subsided.

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