As a seasoned researcher with years of experience in the crypto market, I can confidently say that the current Ethereum price action is reminiscent of a rollercoaster ride. The consolidation above $3,500 and potential move toward $3,750 resistance is a common pattern we’ve seen numerous times in this dynamic market.
The Ethereum cost has been steadily holding above the $3,500 level. Right now, Ethereum seems to be gathering strength before potentially breaking through the $3,750 resistance barrier.
- Ethereum started a downside correction below $3,780 and $3,750.
- The price is trading below $3,800 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at $3,740 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the $3,500 support zone.
Ethereum Price Holds Support
The price of Ethereum continued to fall beneath the $3,880 level, much like Bitcoin. The drop caused it to break through the support levels at $3,780 and $3,750, with a sharp decrease even below $3,550.
At $3,488 a dip occurred, and currently, the price is holding steady, minimizing losses. It briefly surged above the $3,550 and $3,600 mark, but now it’s testing the 50% Fibonacci retracement level of the fall that started from the $4,015 peak to the $3,488 trough.
Despite being below $3,800, bears are currently active in Ethereum’s price movement, hindering further upward momentum. At present, Ethereum is trading beneath $3,800 and also lower than its 100-hour Simple Moving Average. On the positive side, there appears to be obstacles for the price around the $3,750 mark. Furthermore, a significant bearish trend line is forming with resistance at approximately $3,740 on the hourly ETH/USD chart.
Approaching the $3,815 point, we encounter a significant resistance area. This area coincides with approximately 61.8% of the Fibonacci retracement line from the peak at $4,015 to the trough at $3,488 in the downward trend.
Currently, the primary barrier is building around the $3,880 mark. If the price manages to push past this barrier at $3,880, it might aim for the next hurdle at $4,000. Should it overcome the $4,000 threshold, further growth could be anticipated in the upcoming periods. In such a scenario, Ether may reach the resistance zone of $4,150 or potentially even $4,220.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,750 barrier, there’s a possibility of another drop. A potential floor in this scenario might be around $3,600. The most significant initial support can be found close to the $3,550 region.
If the price falls significantly below $3,550, it could potentially drop further towards the current support at $3,500. Continued losses may cause the price to head towards the nearby support of $3,420. The significant support level in the immediate future is at $3,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,500
Major Resistance Level – $3,750
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2024-12-11 06:41