As a seasoned analyst with years of experience in the crypto market, I find myself intrigued by Ethereum’s recent price action. The digital asset has shown resilience and is currently consolidating above the $3,400 zone, which is a positive sign for bulls.
The price of Ethereum has recently surged beyond the $3,400 threshold and seems to be stabilizing. It could potentially push further, attempting to break through the resistance at $3,500.
- Ethereum started a fresh increase above the $3,320 and $3,400 levels.
- The price is trading above $3,400 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,485 resistance zone.
Ethereum Price Holds Gains Above Support
The price of Ethereum held steady above $3,220 and then began to rise, while Bitcoin experienced a correction. As a result, Ethereum picked up speed and broke through the resistance at $3,420 and $3,450.
Initially, the bulls managed to push the price beyond the $3,500 barrier, reaching a peak at $3,545. However, there has been a recent correction in price, which means it has fallen slightly from its high. The move caused the price to drop below the $3,500 mark. Furthermore, the price also fell beneath the 50% Fibonacci retracement line of the upward trend that started at the $3,289 low and peaked at $3,545.
Nevertheless, at approximately $3,400, the bulls become more active in the ETH/USD market. Additionally, a significant bullish trend line is shaping up, offering support around $3,400 on the hourly chart. This trend line aligns closely with the 61.8% Fibonacci retracement level stemming from the price drop from $3,289 to $3,545.
As a crypto investor, I’m currently seeing Ethereum trading at a price point above $3,420 and comfortably sitting above its 100-hour Simple Moving Average. However, on the upward trajectory, it appears that there are some obstacles ahead for the price around the $3,485 level.
The significant obstacle for further increase lies around the $3,500 mark. Currently, a substantial barrier is being built up near $3,550. If we observe a strong push beyond the $3,550 barrier, it could potentially propel the price towards the $3,650 resistance level. Overcoming this $3,650 resistance could lead to further growth in upcoming trading sessions. In such a scenario, Ether may move toward the $3,720 resistance area or even reach $3,880.
Downsides Supported In ETH?
If Ethereum doesn’t manage to break through the $3,500 barrier, it may initiate another drop. A potential initial floor for this decline could be around $3,420. The primary support levels are roughly at the $3,400 area and the trendline.
As a crypto investor, I see a potential drop below the $3,400 mark as a clear sign that the price could trend downwards towards $3,350. Should further losses occur, the price might head towards the near-term support level at $3,285. The next significant support lies around $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 – $3,550
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2024-11-26 06:22