The cost of Ethereum has commenced a new upward trend surpassing the $3,550 mark. Ethereum is currently holding steady with plans to surge beyond the barrier at $3,700.
- Ethereum started a decent recovery wave above the $3,550 zone.
- The price is trading above $3,620 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $3,620 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,700 resistance level.
Ethereum Price Climbs Above $3,650
The cost of Ethereum held steady above the $3,420 mark and continued to recover, much like Bitcoin. As a result, Ethereum picked up speed and managed to break through the resistance levels at $3,550 and $3,620.
In simpler terms, the bulls managed to break through the barrier at $3,650, paving the way for potential advancement toward $3,700. A peak was reached at $3,694, and currently, the price is stabilizing above the 23.6% Fibonacci retracement level following a significant upward move from the low of $3,569 to the high of $3,694.
Currently, Ethereum’s price is trading above $3,650 and is aligned with its 100-hour moving average. Additionally, a rising bullish trendline is taking shape on the hourly ETH/USD chart, offering support around $3,620. This trendline is approaching the 76.4% Fibonacci retracement level derived from the price movement between the $3,569 low and the $3,694 high.
From my analysis, it appears that the current price is encountering some obstacles around the $3,700 mark. The initial significant resistance can be found near $3,720, with the primary resistance shaping up at approximately $3,800. A decisive break above the $3,800 resistance could potentially propel the price towards the next potential resistance at $3,880.
As an analyst, I’m optimistic about the potential growth of Ether. If we observe a breakthrough above the current resistance at $3,880, it could indicate further increases in the upcoming sessions. In this scenario, Ether might move towards the $3,920 resistance area or potentially even reach $4,000 in the short term.
Another Decline In ETH?
If Ethereum doesn’t manage to break through the $3,700 barrier, there might be a new drop in prices. A potential floor for this decline could be found around the $3,620 mark and the trend line, with a stronger support level at approximately $3,550.
As a crypto investor, if the price drops clearly below my current support at $3,550, it could potentially push the value further down towards the $3,500 support. Should we continue to see losses, the price may head towards the near-term support level of $3,420. The next significant support I’m closely watching is at $3,350.
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 – $3,620
Major Resistance Level – $3,700
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2025-01-06 09:24