As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I find myself rather optimistic about Ethereum‘s current trajectory. The recovery wave above $3,320 is a promising sign, particularly considering its consolidation just below the $3,450 resistance.
The technical indicators suggest that Ethereum might be gearing up for a bullish run if it manages to break through this barrier. However, it’s important to remember that the crypto market can be as unpredictable as a rollercoaster ride at times. As such, I always advise my fellow investors to keep their seatbelts fastened and their expectations tempered, even when the charts look rosy.
Now, let me share a little joke to lighten the mood: Why don’t we ever tell secrets on the cryptocurrency market? Because it’s full of blockchain leaks! Remember, always invest wisely and stay informed.
The cost of Ethereum began a new surge in its upward trend after dipping to around $3,320. Currently, Ethereum is holding steady and looking to push past the $3,450 barrier for further growth.
- Ethereum started a decent recovery wave above the $3,350 zone.
- The price is trading above $3,365 and the 100-hourly Simple Moving Average.
- There was a break above a short-term declining channel 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 $3,450 resistance level.
Ethereum Price Holds Support
The price of Ethereum held steady above the $3,250 mark and, much like Bitcoin, initiated an upward trend. This movement allowed Ethereum to surpass the resistance levels at $3,320 and $3,350.
On the ETH/USD hourly chart, there was a break above a temporary falling trendline (short-term declining channel) with a resistance point at $3,350. The pair moved beyond the halfway mark (50%) of the recent price drop from the $3,444 peak to the $3,310 bottom by means of Fibonacci retracement levels.
Currently, Ethereum’s trading price surpasses $3,365 and is also above its 100-hour moving average. As it attempts to climb higher, there appear to be challenges approaching the $3,400 mark. This level is not far from the 76.4% Fibonacci retracement point of the recent drop from the peak at $3,444 down to $3,310.
The initial significant barrier lies around the $3,420 mark. Currently, a substantial obstacle is emerging close to $3,450. Overcoming this $3,450 barrier could potentially propel the price towards the resistance at $3,550.
If Ether manages to surge beyond its current resistance at $3,550, it’s possible we might witness further growth in the upcoming trading periods. In such a scenario, Ether could potentially reach the $3,650 resistance area or even aim for $3,720 in the short term.
Another Decline In ETH?
If Ethereum doesn’t manage to surpass the $3,400 barrier, there might be a fresh drop. A potential floor in this case could be around $3,360. The significant support level lies approximately at $3,320.
Moving beneath the $3,320 resistance could lead the price to approach the $3,250 resistance, and further drops may take it towards the nearby $3,200 support. In the short term, the crucial support can be found at $3,120.
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 – $3,320
Major Resistance Level – $3,450
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2025-01-02 06:40