As a seasoned analyst with years of experience in the cryptocurrency market, I have seen many bull and bear cycles, but none quite like this one. The recent surge in Ethereum‘s price above $3,650 is noteworthy, especially considering the resistance it has faced at the $3,890 level.
The Ethereum price has begun a notable surge, surpassing the $3,650 level. Currently, Ethereum is on an upward trend and could potentially push beyond the resistance at $3,900.
- Ethereum started a decent increase above $3,650 and $3,680.
- The price is trading below $3,750 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,720 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to move up if it clears the $3,850 and $3,900 resistance levels.
Ethereum Price Eyes More Gains
The cost of Ethereum held steady above $3,500 and subsequently began rising in a similar fashion to Bitcoin. Remarkably, Ethereum managed to surpass the resistance levels at $3,650 and $3,720.
On the ETH/USD hourly chart, there was a break above a significant bearish trend line, with resistance at approximately $3,720. The bulls managed to push the price above the 50% Fibonacci retracement level of the downward movement from the $4,015 peak to the $3,488 trough.
As an analyst, I’m observing a significant surge in Ethereum’s price, pushing it beyond the $3,800 resistance threshold. Currently, Ethereum is trading above $3,750 and comfortably over the 100-hour Simple Moving Average. However, on the upward trajectory, I notice potential obstacles emerging around the $3,850 mark.
Approaching the $3,890 mark or the 76.4% Fibonacci retracement point of the decline from the peak at $4,015 to the trough at $3,488, you’ll find a significant barrier. The primary obstacle is currently shaping up around $4,000. Overcoming this hurdle at $4,000 could potentially push the price further up to challenge the resistance at $4,050.
As a researcher, I’m observing that if Ether manages to break above the resistance at $4,050, it could potentially lead to further growth in the upcoming sessions. In such a scenario, Ether might move towards the resistance zone of $4,150 or even aim higher toward $4,220.
Another Drop In ETH?
If Ethereum doesn’t manage to surpass the $3,890 barrier, it might trigger another drop. A potential cushion in case of a decline could be found around the $3,800 mark. The first significant support level is anticipated near the $3,750 region.
Moving lower than $3,750 could potentially drive the price down to $3,650, with further declines possibly pushing it towards $3,550 in the short term. Notably, the critical level of support lies at $3,500.
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 – $3,750
Major Resistance Level – $3,890
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2024-12-12 06:40