As a seasoned analyst with over two decades of experience in the financial markets, I see Ethereum’s current price action as a promising sign for bullish investors. The recent surge above the $3,550 and $3,700 levels, coupled with the forming bullish trend line, suggests that Ether might be gearing up for a significant move toward the $3,880 resistance.
The Ethereum price is climbing beyond the $3,600 level, indicating positive momentum. Ethereum appears to be exhibiting bullish tendencies and may attempt to break through the resistance at around $3,800 in the near future.
- Ethereum started a decent increase from the $3,550 zone.
- The price is trading above $3,550 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,700 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could restart its increase if it clears the $3,750 zone.
Ethereum Price Eyes Steady Increase
The price of Ethereum stayed stable above $3,350 and subsequently rose, much like Bitcoin. Notably, Ethereum managed to overcome the resistance levels at $3,450 and $3,550.
The price surged beyond $3,700, peaking at $3,748 before consolidating its growth. A slight dip occurred below $3,720, and the price fell, reaching a point that touched the 23.6% Fibonacci retracement line of the upward trend from the $3,572 low to the $3,748 high.
Currently, the cost of Ethereum is being transacted over $3,550 and above its 100-hour Simple Moving Average. Moreover, a bullish trend line is starting to form, connecting points and providing support around $3,700 on Ethereum’s hourly chart when compared to the U.S. dollar.
Positively, the price appears to be encountering obstacles around the $3,740 region. The initial significant barrier is located near $3,750, with the primary obstruction forming close to $3,800. If there’s a clear surge beyond the $3,800 barrier, it could push the price further towards the potential resistance at $3,880. A breakthrough above this level might trigger additional gains in upcoming sessions. In such a scenario, Ether may potentially advance toward the $3,940 resistance area or even reach $4,000.
Downside Correction In ETH?
Should Ethereum not manage to surpass the $3,750 barrier, there’s a potential for a new drop. A initial floor might form around the $3,700 mark. The primary significant support could be found close to the $3,675 region.
If the price drops significantly below the $3,675 mark, it could potentially trend towards the 61.8% Fibonacci retracement level derived from the upward movement between the $3,572 low and the $3,748 high, which is approximately at $3,640. Further decreases in price might lead to a retest of the immediate support at $3,570. The next significant support lies around $3,550.
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 – $3,700
Major Resistance Level – $3,750
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2024-12-02 06:22