NewsBTC
Jan 2, 2025
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Ethereum Price Shows Recovery Potential Above $3,350 Resistance

Ethereum price initiated a recovery wave from the $3,320 zone. ETH is consolidating with aspirations to surpass the $3,450 resistance.

  • Ethereum began a recovery above the $3,350 zone.
  • The price is trading above $3,365 and the 100-hourly Simple Moving Average.
  • A break occurred above a short-term declining channel with resistance at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair may gain bullish momentum if it breaks through the $3,450 resistance level.

Ethereum Price Holds Support

Ethereum price remained stable above the $3,250 level, beginning a recovery wave similar to Bitcoin. ETH advanced past the $3,320 and $3,350 resistance levels.

A break above the short-term declining channel at $3,350 was observed on the hourly chart of ETH/USD. The pair exceeded the 50% Fib retracement level of the recent decline from the $3,444 swing high to the $3,310 low.

Currently, Ethereum is trading above $3,365 and the 100-hourly Simple Moving Average. Resistance near the $3,400 level presents a challenge, close to the 76.4% Fib retracement level from the $3,444 swing high to the $3,310 low.

The first major resistance lies near $3,420, with significant resistance forming at $3,450. A clear move above this level could drive the price towards $3,550.

Ethereum Price

An upside break beyond $3,550 might lead to further gains, potentially reaching the $3,650 resistance zone or even $3,720 in the near term.

Another Decline In ETH?

If Ethereum cannot breach the $3,400 resistance, another decline may occur. Initial support is near the $3,360 level, with major support at $3,320.

A move below the $3,320 support could push the price toward $3,250, with additional losses possibly leading to the $3,200 support level in the near term. The next key support is 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 above the 50 zone.

Major Support Level: $3,320

Major Resistance Level: $3,450