As a seasoned analyst with over two decades of market experience under my belt, I’ve seen my fair share of bull runs and bear markets. The recent surge in Ethereum price is particularly interesting, given its rapid outpacing of Bitcoin.
The Ethereum price has begun a notable rise surpassing the $3,750 mark. Currently, Ethereum is holding its ground and could potentially push further to break through the resistance at $3,980.
- Ethereum started a decent increase above $3,750 and $3,800.
- The price is trading below $3,800 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,840 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $3,950 and $3,980 resistance levels.
Ethereum Price Outpaces Bitcoin
The cost of Ethereum held steady and continued to increase surpassing $3,750, outperforming Bitcoin. Ethereum managed to break through the resistance at $3,800 and $3,880.
After breaking through the barriers at $3,920 and $3,950, the bulls managed to push the price up to a high of $3,988. Currently, the price is holding steady as it consolidates its gains. However, there was a slight drop below the $3,920 mark, and the price also fell briefly below the 23.6% Fibonacci retracement level during this downward move, which started from the low of $3,527 and peaked at $3,988.
Currently, the Ethereum price is being traded above $3,800 and aligning with the 100-hour moving average. Additionally, a rising bullish trendline is being formed, offering support at approximately $3,840 on the hourly Ethereum-to-USD chart.
Looking on the optimistic side, it appears the price might encounter obstacles at around $3,950. The initial significant barrier can be found near $3,980. Currently, the primary hurdle is shaping up at $4,000. A decisive break above $4,000 could potentially propel the price towards the resistance level of $4,150.
As an analyst, I’m observing a potential bullish trend for Ether. If it successfully breaks above the current resistance at $4,150, we might see further increases in the upcoming sessions. This could potentially push the price up towards the resistance zone of $4,250, and even possibly reaching as high as $4,320.
Another Decline In ETH?
If Ethereum doesn’t manage to break past the $3,980 barrier, it might trigger another price drop. The initial support can be found at approximately $3,840, which also coincides with a significant trend line, or potentially at the 50% Fibonacci retracement level of the uptrend from the $3,527 low to the $3,988 high, located around $3,750.
If the price falls significantly below the $3,750 resistance point, it could potentially drop to the $3,665 support. Further losses could cause the price to approach the $3,550 support level in the immediate future. The crucial support lies at $3,500 for now.
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 – $3,840
Major Resistance Level – $3,980
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2024-12-13 06:22