Ethereum Price Steadies: Bulls Push for a Controlled Comeback

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As an Experienced Crypto Investor with Battle-Scars from 2017 and 2018 Bull Runs:

Ethereum, my dear friend, is showing signs of life again! The price has managed to recover above the $3,450 zone, a battle we’ve fought many times before. It’s comforting to see the price trading above the 100-hourly Simple Moving Average and forming a bullish trend line at $3,420. This is reminiscent of the rally days of yore.

The road ahead looks promising, with the next stop being the $3,500 resistance. If we can break through this barrier, the way will be clear for a journey towards $3,650 and possibly even $3,880. But remember, in crypto, nothing is ever certain until it’s certain.

However, as experienced investors know, every rally has its ups and downs. If Ethereum fails to break the $3,500 barrier, we might see another dip towards $3,420 or even $3,400. But fear not, for these are just temporary setbacks in our long crypto journey.

Looking at the technical indicators, the MACD is gaining momentum and the RSI is comfortably above 50, suggesting a bullish trend. So, buckle up, folks! This could be another exciting ride.

Joke: Why did Ethereum join a band? Because it wanted to make some smart contracts!

The price of Ethereum has begun a new upward trend surpassing the $3,400 level. Ethereum is currently gathering strength, preparing to break through the resistance at $3,500 and potentially rise further.

  • Ethereum started a decent recovery wave above the $3,450 zone.
  • The price is trading above $3,420 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it clears the $3,500 resistance level.

Ethereum Price Rises Steadily

The value of Ethereum held steady above the $3,320 mark and continued to build momentum in its upward trajectory, much like Bitcoin. As it surpassed the hurdles at $3,350 and $3,420, ETH’s price showed signs of strengthening further.

The bulls managed to break through the $3,450 barrier, which paved the way for further advancement towards $3,500. A peak was reached at $3,502, and currently, the price is holding steady as it consolidates its gains. There was a brief drop below the 23.6% Fibonacci retracement level during the upward trend from the $3,310 low to the $3,502 high.

As someone who has been closely following and trading cryptocurrencies for a number of years, I have to say that the recent surge in Ethereum’s price is quite intriguing. Currently, Ethereum is trading above $3,400 and showing strong signs of upward momentum with the 100-hourly Simple Moving Average as its foundation. Additionally, a bullish trend line is forming on the hourly chart of ETH/USD, offering support at around $3,420.

Given my experience in this market, I believe that it’s essential to approach these price movements with caution and do thorough research before making any investment decisions. However, if you are a seasoned trader or investor who is comfortable with the risks involved in crypto trading, then this could be an interesting opportunity to capitalize on Ethereum’s potential growth.

That being said, I would encourage everyone to carefully assess their risk tolerance and financial situation before making any investment decisions, as cryptocurrency markets can be highly volatile and unpredictable at times.

Looking on the positive side, it appears that the price may encounter obstacles around the $3,480 mark. The initial significant resistance can be found near $3,500, with a stronger resistance developing at approximately $3,550. If the price manages to break through the $3,550 barrier, it could potentially push the price up towards the $3,650 resistance level.

If Ether manages to surge past its current resistance at $3,650, it’s possible we might see further growth in the upcoming trading periods. In this scenario, Ethereum could potentially reach the resistance area around $3,780 or even aim higher towards $3,880 in the short term.

Another Decline In ETH?

If Ethereum doesn’t manage to surpass the $3,500 barrier, there might be a renewed drop in its price. The initial support can be found around the $3,420 mark and also at the trend line. A significant level of support lies further down near $3,400 or at the 50% Fibonacci retracement point of the upward move from the $3,310 low to the $3,502 high.

If the price falls significantly below $3,400, it could potentially drop to the $3,350 support. Further declines may lead the price towards the nearby $3,280 support. Crucially, the next significant support is located at $3,220.

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 – $3,400

Major Resistance Level – $3,500

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2025-01-03 06:40