Ethereum Bulls Charge Ahead: $4K Within Grasp
December 01 2024 - 9:18PM
NEWSBTC
Ethereum price is moving higher above the $3,600 zone. ETH is
showing bullish signs and might soon aim for a move above the
$3,800 resistance zone. Ethereum started a decent increase from the
$3,550 zone. The price is trading above $3,550 and the 100-hourly
Simple Moving Average. There is a connecting bullish trend line
forming with support at $3,700 on the hourly chart of ETH/USD (data
feed via Kraken). The pair could restart its increase if it clears
the $3,750 zone. Ethereum Price Eyes Steady Increase Ethereum price
remained supported above $3,350 and started a fresh increase like
Bitcoin. ETH was able to surpass the $3,450 and $3,550 resistance
levels. The bulls pumped the price above the $3,700 level. A high
was formed at $3,748 and the price is now consolidating gains.
There was a minor decline below the $3,720 level. The price dipped
and tested the 23.6% Fib retracement level of the upward wave from
the $3,572 swing low to the $3,748 high. Ethereum price is now
trading above $3,550 and the 100-hourly Simple Moving Average.
There is also a connecting bullish trend line forming with support
at $3,700 on the hourly chart of ETH/USD. On the upside, the price
seems to be facing hurdles near the $3,740 level. The first major
resistance is near the $3,750 level. The main resistance is now
forming near $3,800. A clear move above the $3,800 resistance might
send the price toward the $3,880 resistance. An upside break above
the $3,880 resistance might call for more gains in the coming
sessions. In the stated case, Ether could rise toward the $3,940
resistance zone or even $4,000. Downside Correction In ETH? If
Ethereum fails to clear the $3,750 resistance, it could start
another decline. Initial support on the downside is near the $3,700
level. The first major support sits near the $3,675 zone. A clear
move below the $3,675 support might push the price toward the 61.8%
Fib retracement level of the upward wave from the $3,572 swing low
to the $3,748 high at $3,640. Any more losses might send the price
toward the $3,570 support level in the near term. The next key
support sits at $3,550. Technical Indicators Hourly MACD – The MACD
for ETH/USD is losing momentum in the bullish zone. Hourly RSI –
The RSI for ETH/USD is now above the 50 zone. Major Support Level –
$3,700 Major Resistance Level – $3,750
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Nov 2024 to Dec 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Dec 2023 to Dec 2024