NewsBTC
17 December 2024
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Ethereum Price Eyes Move Above $4,120 Resistance Level

Ethereum price has begun a significant increase above the $3,950 level and is consolidating gains, potentially aiming for a move above the $4,150 resistance zone.

  • Ethereum started an increase above $3,950 and $4,000.
  • The price is trading below $3,980 and the 100-hourly Simple Moving Average.
  • A key bullish trend line is forming with support at $3,940 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it clears the $4,080 and $4,120 resistance levels.

Ethereum Price Regains Momentum

Ethereum price remained stable, extending gains above $3,880 but underperformed Bitcoin. ETH climbed above the $3,980 and $4,000 resistance levels.

Bulls pushed the pair above the $4,050 and $4,080 resistance levels, reaching a high of $4,107 before a pullback occurred. The price declined to $3,946 and is currently rising.

It moved above the 23.6% Fib retracement level from the $4,107 swing high to the $3,946 low. Ethereum is now trading above $4,000 and the 100-hourly Simple Moving Average with a bullish trend line at $3,940.

On the upside, hurdles are near the $4,025 level. The first major resistance is at $4,070 or the 76.4% Fib retracement level from the $4,107 swing high to the $3,946 low.

Ethereum Price

The primary resistance is forming near $4,120. A clear move above this level may lead to a rise toward the $4,250 resistance. An upward break above $4,250 could result in further gains, potentially reaching the $4,350 or $4,500 zones.

Downside Correction In ETH?

If Ethereum does not clear the $4,120 resistance, a decline may start. Initial support is near the $3,980 level, with the first major support at $3,940.

A drop below $3,940 may push the price toward the $3,880 support level. Further losses might send the price to around $3,800, with the next key support at $3,750.

Technical Indicators:

Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI: The RSI for ETH/USD is above the 50 zone.

Major Support Level: $3,940

Major Resistance Level: $4,120