Ethereum Price Holds Steady, $4K Remains The Goal

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As a seasoned crypto investor with over a decade of experience under my belt, I’ve learned to read the market trends like a book. After careful analysis, it appears that Ethereum is on an upward trajectory, having recovered from the $3,500 zone and showing promising signs of aiming for the $3,700 resistance zone.

The Ethereum price is rebounding from the $3,500 area, indicating positive trends, potentially targeting a leap over the $3,700 resistance level.

  • Ethereum remained in a positive zone and stayed above the $3,500 zone.
  • The price is trading above $3,620 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line 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 $3,700 zone.

Ethereum Price Makes Fresh Increase

The price of Ethereum didn’t manage to surpass the barrier at $3,680 and instead, it dropped some of its recent gains, similar to Bitcoin. Ethereum fell below the support levels of $3,600 and $3,550, even touching the $3,500 support level again.

At $3,505 a trough was established, and currently, there’s an effort being made for a new rise. The price has surpassed both the $3,600 and $3,620 thresholds. Additionally, it has climbed above the 50% Fibonacci retracement level of the drop from the $3,760 peak to the $3,505 low.

Additionally, Ethereum’s price surpassed a bearish trend line connection at approximately $3,600 on the hourly chart against the US Dollar, which functioned as resistance. Now, Ethereum is being traded above $3,600 and also sits above the 100-hour Simple Moving Average.

Looking on the positive side, it appears the price may encounter challenges around the $3,680 mark. A significant barrier lies ahead at approximately $3,700 or the 76.4% Fibonacci retracement level from the drop between the $3,760 peak and the $3,505 trough. The primary obstacle is now shaping up around $3,750.

If Ether manages to surpass the $3,750 barrier, it may push further upwards towards the $3,880 resistance level. Should it break through this level, we might see additional growth in the following trading periods. In such a scenario, Ether could potentially reach the $4,000 resistance zone or even climb as high as $4,120.

Another Drop In ETH?

If Ethereum doesn’t manage to surpass the $3,700 barrier, it might trigger a new drop. A potential initial floor could be found around $3,600. The primary significant support lies roughly at the $3,550 region.

If the price drops decisively below the $3,550 resistance, it could potentially fall towards the stronger $3,500 support. Any further declines may cause the price to approach the $3,420 support in the short term. The critical support level lies at $3,350.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,600

Major Resistance Level – $3,700

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2024-12-04 06:22