As a seasoned researcher with years of experience tracking and analyzing cryptocurrencies, I can confidently say that Ethereum‘s price surge above $3,900 is a noteworthy development. While it’s currently consolidating gains, it seems poised to challenge the $4,000 resistance level.
As I analyze the current market trends, it appears that the Ethereum price has embarked on an uptrend surpassing the $3,900 mark. At present, Ethereum (ETH) is holding its ground, potentially aiming for a breakthrough and surpassing the resistance at the $4,000 level.
- Ethereum started a decent increase above $3,880 and $3,920.
- The price is trading below $3,920 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,900 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $3,980 and $4,020 resistance levels.
Ethereum Price Faces Resistance
The cost of Ethereum maintained a steady increase surpassing $3,850, yet it didn’t match Bitcoin‘s performance. Notably, Ethereum managed to breach the resistance levels at $3,920 and $3,980.
On the hourly chart for ETH/USD, there was a significant move above a significant bearish trend line that previously held at approximately $3,900. The bulls managed to surpass the resistance levels of $4,000 and $4,010. A peak was reached at $4,019, but the price is now pausing its ascent due to consolidation. There was a brief dip below the $3,980 level, but it’s currently showing signs of recovery.
The cost dropped below the 23.6% Fibonacci retracement level during the bullish trend from the $3,831 bottom to the $4,019 peak. Currently, Ethereum’s price is above $3,880 and higher than the 100-hour Simple Moving Average.
As a crypto investor, I’ve noticed an interesting pattern: The price appears to be encountering barriers around the $4,000 mark. The first significant obstacle seems to be at approximately $4,020, with the main challenge forming near $4,050. If we manage to break through the resistance at $4,050, it could potentially push the price towards the next potential hurdle at $4,150.
If Ether manages to surge past the $4,150 barrier, it may indicate further growth in the upcoming trading periods. Under such circumstances, Ethereum might climb towards the potential resistance at $4,250 or potentially reach $4,320.
Another Decline In ETH?
If Ethereum doesn’t manage to break through the $4,000 barrier, it might trigger another drop. A potential floor in this scenario could be around $3,920 or the halfway point of its recent upward movement from $3,831 low to $4,019 high. The primary support level lies near $3,880.
Moving below the $3,880 resistance could potentially drive the price down towards the $3,840 support. If further declines occur, we might see the price trending towards the $3,750 support level in the short term. The significant support lies at $3,650.
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 – $3,920
Major Resistance Level – $4,000
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2024-12-16 06:40