As a seasoned researcher with years of experience observing and analyzing the cryptocurrency market, I must say that the current upward trend of Ethereum is quite intriguing. It’s like watching a well-choreographed dance between bulls and bears, each taking their turn on the dance floor.
The cost of Ethereum has begun a new rise, breaking through the $3,120 barrier. However, Ethereum appears optimistic yet finding it challenging to match Bitcoin‘s pace in its upward movement.
- Ethereum started a fresh increase above the $3,000 resistance zone.
- The price is trading above $3,120 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,230 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it clears the $3,350 resistance.
Ethereum Price Eyes Steady Increase
The cost of Ethereum began a new ascent surpassing the $2,880 barrier, similar to Bitcoin. This upward trend allowed Ethereum to break past the $3,000 and $3,120 resistance points, propelling it further into a favorable territory.
Over the past few trading sessions, I’ve seen it soar beyond the $3,250 mark and currently sitting comfortably above the 5% increase. A notable spike took place above $3,350, but a temporary dip formed at around $3,390 before correcting slightly. Interestingly, there was a dip below the 23.6% Fibonacci retracement level from the swing low at $3,080 to the high at $3,390.
Currently, Ethereum’s price is being traded above $3,220 and has surpassed its 100-hour moving average. Additionally, a significant bullish trendline is shaping up with a support at approximately $3,230 on the hourly Ethereum to US Dollar chart. This trendline is close to the halfway point (50%) of the price recovery wave from the $3,080 low to the $3,390 high.
Positively, it appears the price may encounter obstacles around the $3,350 mark. Significant resistance can be found near $3,390, with the primary barrier forming closer to $3,420. If the price breaks through the $3,420 barrier decisively, it could potentially push toward the next potential resistance at $3,550.
As a researcher studying the trends of Ether, if we observe an upward break above the $3,550 resistance level, it could potentially signal further growth in the upcoming sessions. Under such circumstances, Ether may approach the $3,680 resistance region.
Are Dips Limited In ETH?
Should Ethereum not manage to surpass the $3,350 barrier, there’s a possibility it might initiate a decline. A potential initial cushion on the downside lies around $3,280. The primary support is anticipated near the $3,250 region and the trend line.
If the price falls significantly below the $3,250 resistance point, it could potentially drop to approximately $3,150. Further decreases may lead to the $3,080 support level in the short term. The crucial support level lies at around $3,000 in the near future.
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 – $3,250
Major Resistance Level – $3,350
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2024-11-12 06:22