As a seasoned researcher with a knack for blockchain technology and a soft spot for Ethereum, I find myself observing its current trajectory with great interest. The price of Ether is holding steady above $3,500, a testament to its resilience in the crypto market. However, it seems to be consolidating at the moment, hinting at a potential move towards the $3,600 resistance zone.
As a researcher studying Ethereum prices, I can report that the current value has managed to maintain its growth above the $3,500 mark. It appears that Ethereum (ETH) is stabilizing and may soon attempt a push beyond the resistance level at $3,600.
- Ethereum started a downside correction from the $3,685 zone.
- The price is trading above $3,520 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could restart its increase if it clears the $3,600 zone.
Ethereum Price Eyes Fresh Surge
As an analyst, I observed that the price of Ethereum maintained a steady level above the $3,250 mark, subsequently initiating a new upward trend. Interestingly, Ethereum outperformed Bitcoin during this period. Notably, Ethereum successfully breached the resistance barriers at $3,500 and $3,550, indicating a bullish momentum in its price movement.
The price surpassed $3,650 but subsequently dropped slightly after reaching a peak at $3,688. It has since pulled back slightly from its gains, dipping just below $3,650 and $3,620. Moreover, the price fell beneath the 23.6% Fibonacci retracement line of the upward trend that started at the $3,255 low point and peaked at $3,688 high point.
Currently, Ethereum’s price is higher than $3,520 and surpassing its 100-hour moving average. However, it appears to be encountering obstacles around the $3,600 mark. Moreover, a downward trend line that offers resistance at $3,600 is forming on the hourly ETH/USD chart, hinting at potential bearish trends.
Initially, a significant barrier lies around the $3,650 mark. Currently, a notable resistance is building up at approximately $3,680. If we see a strong push beyond this $3,680 resistance, it could drive the price toward another potential obstacle at $3,750. If we break through this $3,750 barrier, it may indicate further increases in the upcoming periods. In such a scenario, Ether might climb towards the $3,880 or even $3,920 resistance area.
More Losses In ETH?
If Ethereum doesn’t manage to break through the $3,650 barrier, there might be a new drop in price. A potential floor for this decline could form around $3,540. The primary significant support level can be found near the $3,500 region.
Moving below the $3,500 support could potentially drive the price towards the 50% Fibonacci retracement level of the uptrend from the $3,254 low to the $3,688 high, which is approximately $3,470. Further declines might lead to the near-term $3,400 support level. The crucial next support can be found at $3,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,540
Major Resistance Level – $3,650
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2024-11-29 06:22