Ethereum Technical Analysis 16 December, 2021

• Ethereum reversed from support level 3725.00
• Likely to rise to resistance level 4455.00

Ethereum cryptocurrency recently reversed up from the strong support level 3725.00 (which has been reversing Ethereum from the middle of October, as can be seen from the daily Ethereum chart below), intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from September. The upward reversal from the support level 3725.00 created the daily Japanese candlesticks reversal pattern Morning Star.

Given the clear daily uptrend and the improved risk sentiment seen across the cryptocurrency markets today, Ethereum cryptocurrency pair can be expected to rise further toward the next resistance level 4455.00 (top of the earlier wave (B)).

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