Ethereum has been in an uptrend since August 2021, trading above its 100-day exponential moving average. After pulling back from the support level of 3915 around the lower Bollinger band, this popular cryptocurrency is trading on the bullish bias above the 3915-support as buyers approach its all-time highs towards the 4861.50 barrier.
Bullish Scenario
It appears the bullish scenario is more likely since the price is above the 20-day simple moving average, pushing against the upper Bollinger band. Then the immediate resistance might come from the last top at 4861.50-hurdle. At this level, we can expect some consolidation to take place.
If buyers manage to overcome this severe upward constraint, they could move up to the 5120-barrier. The break above this level would boost buyers' confidence to push towards the 5280 and 5450 handles. If the bulls succeed in overcoming these obstacles, their focus will shift to the resistance zone of the 5800-mark.
The oscillators imply the prevailing bullish bias. The RSI has made headway into bullish territory, getting out of the neutral region. Despite a bit of flat momentum, the ground still stays above the 100-threshold level. Currently, the MACD histogram is rising above its signal line in the buy region.
Bearish Scenario
On the downside, Ethereum would seek immediate support around the key psychological barrier at 4500 near the 20-day simple moving average if selling pressures return. Should these barriers fail to dismiss a more profound decline from evolving, sellers may drive the price to test the November low at the 3915-mark. Breaking below this crucial support could turn the market bearish towards the 3668-handle and 100-day EMA.