Ethereum bulls target $4,520 and $4,700 in the short-term.

Ethereum continues to trade above the key support at $3,950-$4,000. Price tested this level twice and both times price bounced higher. This time price only pulled back towards $4,015 and formed a higher low. Price is moving higher with a strong bullish momentum.

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Red lines - Fibonacci extension targets

Price is close to breaking above November 21st high at $4,431. This will open the way for a move towards our Fibonacci extension targets at $4,523 and $4,750. Support is at yesterday's lows at $4,159 and bulls do not want to see price break below this level. This would be a sign of weakness. Price has started making higher highs and higher lows and that is why we expect the upside move to continue higher over the next couple of sessions.




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Alexandros Yfantis
Analytical expert of InstaForex
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