Ethereum Price Powers Ahead with a 10% Surge: More to Come?

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As a seasoned analyst with years of experience under my belt, I can confidently say that Ethereum’s latest surge is nothing short of impressive. The price action we’ve seen over the past few hours has been reminiscent of a well-oiled machine, smoothly navigating through resistance levels like a hot knife through butter.

The Ethereum cost stayed stable above the $3,250 region. After that, Ethereum began a new increase and overcame the resistance at $3,550.

  • Ethereum started a fresh increase from the $3,250 support zone.
  • The price is trading above $3,500 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance at $3,375 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is up nearly 10% and now consolidates gains near the $3,650 zone.

Ethereum Price Starts Fresh Surge

The price of Ethereum held steady above $3,250 and then rose significantly, following Bitcoin‘s lead. Notably, Ethereum managed to break through the resistance at $3,350 and $3,400.

On the Ethereum (ETH) to US Dollar (USD) hourly chart, there was a rise beyond a bearish trend line with a resistance at approximately $3,375. The buyers managed to push the price past the $3,500 and $3,550 resistance zones. As a result, the pair saw an increase of almost 10%, reaching as high as $3,688.

Currently, Ethereum’s price is adjusting downwards, dipping below the $3,650 mark but still higher than its 100-hour Simple Moving Average and the $3,550 trading level. Additionally, it has surpassed the 23.6% Fibonacci retracement line of the price surge from the $3,254 low to the $3,688 high.

Looking on a positive note, it appears that the price might encounter obstacles around the $3,650 mark. Significant resistance can be found at approximately $3,685, while the primary resistance is being shaped around $3,720.

Moving past the $3,720 barrier could potentially push Ether’s price up to the next resistance at around $3,840. If this resistance is broken, it might indicate further growth in the following sessions, possibly taking Ether towards the $3,950 resistance or even as high as $4,000.

Downsides Supported In ETH?

Should Ethereum not manage to surpass the $3,685 barrier, there’s a possibility it may initiate another drop. A potential initial floor could be found at around $3,585. The primary significant support lies close to the $3,550 area.

Moving below the $3,550 mark could potentially drive the price towards the 50% Fibonacci retracement point of the rally from $3,254 to $3,688, which is approximately $3,470. If the downward trend continues, the price might head towards the near-term support at $3,350. The next significant support lies at $3,250.

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 – $3,485

Major Resistance Level – $3,685

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2024-11-28 06:22