Chart of the day - ETHEREUM (07.12.2021)

Cryptocurrencies took a beating over the weekend, however Ethereum managed to outperform Bitcoin and erase most of the recent losses. Also CME Group had announced the launch of its Micro Ether futures in November to meet the rising institutional demand for Ethereum. Yesterday price bounced off the lower limit of the ascending channel and EMA 100 (purple line) and later in the session broke above the psychological $4000.00 level. Currently price is testing local resistance at $4366.00 which coincides with 23.6% Fibonacci retracement of the last upward wave. Should a break higher occur, upward move may accelerate towards all-time high at $4870.00 which is marked with upper limit of the 1:1 structure. 

ETHEREUM, D1 interval. Source: xStation5