The price of Ethereum surpassed the $3,650 mark, continuing to climb. Currently, Ethereum appears to be gathering strength before making another push towards breaking the $3,750 resistance level.
- Ethereum started a decent recovery wave above the $3,700 zone.
- The price is trading above $3,650 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,660 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $3,750 resistance level.
Ethereum Price Climbs Above $3,700
The value of Ethereum held steady above the $3,550 mark and continued to climb in a manner similar to Bitcoin. With momentum building, Ethereum managed to break through the $3,620 and $3,650 resistance thresholds.
In simpler terms, the bulls managed to break through the $3,700 barrier, which set the stage for potential advancement towards $3,750. A peak was reached at $3,742, and currently, the price is holding steady as it consolidates its gains. There was a brief drop below the 23.6% Fibonacci retracement line of the upward trend from the $3,593 low to the $3,742 high.
Currently, Ethereum’s price is trading above $3660 and in alignment with its 100-hour moving average. Additionally, a bullish trend line is emerging, providing support at $3660 on the hourly Ethereum-to-USD chart. This trend line is near the halfway point (50%) of the price recovery from the $3593 low to the $3742 high.
Looking on the positive side, it appears that the price may be encountering obstacles around the $3,710 mark. The first significant barrier for further growth lies at approximately $3,750, with a more substantial resistance forming close to $3,780. Breaking through this $3,780 barrier could potentially propel the price toward the resistance at $3,850.
If Ethereum manages to surpass the current resistance at $3,850, it might indicate further growth in the upcoming trading periods. In such a scenario, Ether could potentially reach the resistance level of around $3,920 or even aim for $4,000 in the short term.
Another Decline In ETH?
Should Ethereum be unable to surpass the $3,750 barrier, there’s a possibility it might initiate another drop. A potential floor could be found around $3,660 which also includes a key trend line, with a more significant support level at approximately $3,620.
If the price falls significantly below the $3,620 resistance point, it could potentially drop towards the stronger support of $3,550. Further declines might cause a slide towards the $3,500 support level in the short term. The crucial support lies at $3,420.
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 – $3,660
Major Resistance Level – $3,750
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2025-01-07 06:22