Ethereum Price Poised for Gains: $3,600 Within Reach?

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As a seasoned analyst with years of experience in the cryptocurrency market, I have witnessed the volatile yet fascinating journey of Ethereum. The recent price action of ETH has been quite intriguing, as it aims for more gains above the $3,500 resistance.

As a researcher, I’ve noticed an upward trend in Ethereum‘s price that surpassed the $3,320 mark, indicating a fresh increase. Currently, Ethereum is climbing higher and striving to break through the resistance at $3,500 for potential further gains.

  • Ethereum started a fresh increase above the $3,300 and $3,320 levels.
  • The price is trading above $3,300 and the 100-hourly Simple Moving Average.
  • There is a short-term bearish trend line forming with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it clears the $3,420 resistance zone.

Ethereum Price Eyes More Gains

The cost of Ethereum stayed stable above $3,120 and subsequently began to climb in a manner similar to Bitcoin. As it did so, Ethereum picked up speed, breaking through the resistance levels of $3,220 and $3,300.

The bulls pumped the price above the $3,400 level. It gained over 10% and traded as high as $3,499. Recently, there was a downside correction below $3,400. The price dipped below $3,320 and tested $3,280. A low was formed at $3,288 and the price is now consolidating above the 23.6% Fib retracement level of the recent decline from the $3,499 swing high to the $3,288 low.

Currently, Ethereum’s price is over $3,300 and above its 100-hour moving average. However, it appears to be encountering obstacles around the $3,350 mark as it ascends. Additionally, a temporary bearish trend line is emerging with resistance at $3,350 on the hourly Ethereum-to-USD chart.

Approaching the $3,400 mark, you’ll encounter significant resistance. This primary resistance is emerging either at the $3,420 point or at the 61.8% Fibonacci retracement level of the recent drop from the peak of $3,499 to the trough of $3,288.

If Ether manages to surpass the current resistance at $3,420, it may push further upwards towards the potential resistance levels of $3,500, $3,600, or even $3,620 in the upcoming trading sessions, given a successful breakthrough.

Downsides Limited In ETH?

If Ethereum doesn’t manage to surpass the $3,350 barrier, there might be a new drop. The initial floor could be around $3,320. A significant support lies close to the $3,285 area.

If the price falls significantly below $3,285, it could potentially drop to around $3,220. Further declines could take it towards the nearby support of $3,120. The significant support level in the immediate future is found at $3,040.

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 – $3,300

Major Resistance Level – $3,350

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2024-11-25 06:40