Ethereum Price Rockets Up: $4,000 Target Inches Closer

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As a seasoned researcher with years of experience in the crypto market, I have seen my fair share of bull runs and bear markets. However, the current surge in Ethereum price is something that catches my attention.

The cost of Ethereum is climbing out of the $3,550 range. Ethereum’s price action indicates a bullish trend, suggesting it could attempt to break through the $3,920 resistance level soon.

  • Ethereum remained in a positive zone and stayed above the $3,650 zone.
  • The price is trading above $3,750 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it clears the $3,880 resistance zone.

Ethereum Price Starts Fresh Increase

The cost of Ethereum has consistently stayed above the $3,650 mark, serving as solid support. After establishing a foundation, it’s been on an upward trend surpassing $3,700, much like Bitcoin. The bullish momentum managed to drive the price beyond the $3,800 resistance level.

At $3,895, a peak was established and the current trends are optimistic. It’s holding steadfast above the 23.6% Fibonacci retracement level, which marks the downward move from the $3,505 trough to the $3,895 peak in the larger upward trend. Additionally, a significant bullish trendline is emerging on the hourly chart of ETH/USD, offering support at approximately $3,800.

Currently, Ethereum’s price is trading above $3,750 and is also higher than its 100-hour moving average. However, it appears to be encountering some obstacles as it approaches the $3,895 mark. The first significant resistance can be found at $3,920, with a more substantial barrier forming around $3,950.

If Ether manages to push past its current resistance at around $3,950, it may climb further up to hit the resistance at $4,000. A successful break above this $4,000 resistance could potentially lead to further increases in value during subsequent trading sessions. Under such circumstances, Ether could potentially reach the resistance zones of $4,050 or even $4,120.

Another Drop In ETH?

Should Ethereum not manage to surpass the $3,920 barrier, there’s a possibility it might initiate another drop. A potential initial floor could be around $3,800. The primary significant support lies approximately at the $3,750 region.

Moving below the $3,750 support could potentially drive the price down to either the $3,700 support or the 50% Fibonacci retracement point from the $3,505 low to the $3,895 high. Further losses might cause the price to approach the $3,650 support in the short term. The crucial support level is found at $3,600.

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 – $3,700

Major Resistance Level – $3,920

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2024-12-05 06:22