The Ethereum price is climbing out of the $3,650 region, with ETH showing strong momentum that could potentially push it past the $3,950 resistance level.
- Ethereum remained in a positive zone and stayed above the $3,680 zone.
- The price is trading above $3,770 and the 100-hourly Simple Moving Average.
- There was a break above a short-term bearish trend line with resistance at $3,870 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $3,890 resistance zone.
Ethereum Price Eyes More Upsides
As an analyst, I can say that the Ethereum price has been holding steady above its critical support level at approximately $3,670. It appears to have established a solid foundation from which it’s now experiencing a fresh surge. This upward trend surpassed Bitcoin‘s value when ETH climbed above the $3,720 mark. The bullish momentum was strong enough to propel the price past the resistance at $3,780.
The price significantly surged past the 50% Fibonacci retracement mark, which is associated with the downward swing from the $3,956 peak to the $3,680 trough, in the ETH/USD pair. Additionally, there was a breach above a short-term bearish trendline with resistance at $3,870 on the hourly chart for ETH/USD.
Currently, Ethereum’s price is trading higher than $3,780 and is also above its 100-hour Simple Moving Average. However, as it attempts to rise, it appears to encounter obstacles around the $3,890 mark. This level seems close to the 76.4% Fibonacci retracement point of the downward trend from the peak of $3,956 to the low of $3,680.
Initially, a significant barrier to further growth lies around the $3,950 mark. Currently, a new barrier is shaping up near $3,980. If we see a strong push past the $3,980 barrier, it could propel the price towards the next resistance at $4,000. Overcoming the $4,000 resistance might lead to further growth in the upcoming sessions. In such a scenario, Ether might move up to the $4,050 resistance area or potentially even reach $4,120.
Another Pullback In ETH?
If Ethereum doesn’t manage to surpass the $3,890 barrier, there might be a renewed drop. A potential initial floor can be found around $3,820. The primary significant support lies in the vicinity of $3,775.
If the price drops significantly below the $3,775 resistance, it could potentially fall towards the $3,720 support. Further declines might cause the price to approach the $3,650 support in the short term. The significant support level lies at $3,620.
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 – $3,775
Major Resistance Level – $3,890
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2024-12-06 06:22