Ethereum Price Approaches Critical Resistance: A Turning Point?

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As a seasoned crypto investor with over a decade of experience, I’ve seen my fair share of market volatility. The recent recovery wave in Ethereum price is reminiscent of the rollercoaster ride we often find ourselves on in this exciting yet unpredictable world of digital assets.

Ethereum’s price has begun to rebound after finding support at around $3,220. If Ethereum can overcome the resistance at approximately $3,550, it could potentially see further gains.

  • Ethereum started a fresh increase above the $3,350 zone.
  • The price is trading above $3,420 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $3,425 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a decent increase if it clears the $3,520 and $3,550 resistance levels.

Ethereum Price Starts Recovery

The cost of Ethereum held steady above $3,220 and, much like Bitcoin, began a recuperation phase. Notably, Ethereum surpassed the resistance levels at $3,350 and $3,400.

As a crypto investor, I witnessed the price surpassing the $3,500 resistance barrier, which was quite exciting. However, the bears seemed to be persistent, keeping the price below the $3,550 mark. A peak was established at $3,534, and now we’re seeing a consolidation of our gains. There was a slight dip below the 23.6% Fibonacci retracement level, which marks a point in the recent wave that started from the $3,226 swing low and peaked at $3,534.

As a researcher, I’m observing that the current trading price of Ethereum has surpassed $3,420 and is aligning with the 100-hour Simple Moving Average. Additionally, a potential bullish trend line is forming, offering support at approximately $3,425 on the hourly ETH/USD chart. This could indicate a positive trajectory for Ethereum in the short term.

Looking at a positive note, it appears the price might encounter obstacles around the $3,520 mark. The initial significant resistance lies approximately at $3,540 level.

Currently, the strongest opposition is building around the $3,550 level. If we see a strong push past this resistance point, it might propel the price towards the next potential barrier at $3,650. Overcoming this second hurdle could potentially lead to further gains in the upcoming trading periods. Under such circumstances, Ether may advance towards the $3,720 resistance area or even reach $3,800.

Another Decline In ETH?

If Ethereum doesn’t manage to surpass the $3,550 barrier, it might continue heading lower. A potential initial floor can be found around the $3,425 mark, including the trend line. The first significant support lies near the $3,375 region.

If the price falls decisively below the current support at $3,375, it could potentially drop to the next support at $3,320. Further declines may lead to the $3,220 support level in the short term. The crucial support lies at $3,110.

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 – $3,425

Major Resistance Level – $3,550

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2024-12-25 06:58