NewsBTC
3 December 2024
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Ethereum Price Shows Signs of Recovery Above $3,600 Resistance

Ethereum price is rising from the $3,550 zone and may target a move above the $3,680 resistance.

  • Ethereum corrected downwards and retested the $3,550 zone.
  • Price is trading above $3,600 and the 100-hourly Simple Moving Average.
  • A bearish trend line is forming with resistance at $3,650 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could resume its increase if it surpasses the $3,650 level.

Ethereum Price Eyes Fresh Upward Move

Ethereum price struggled to exceed the $3,800 resistance and subsequently corrected, similar to Bitcoin. It fell below the $3,650 and $3,600 support levels, retesting the $3,550 support.

A low was established at $3,557, and the price is now attempting an upward movement. It has moved above the $3,600 and $3,620 levels, testing the 50% Fib retracement level of the drop from the $3,762 swing high to the $3,557 low.

Currently, Ethereum is trading above $3,600 and the 100-hourly Simple Moving Average. The price faces resistance near the $3,650 level, where a bearish trend line is also forming.

The first major resistance is around the $3,685 level or the 61.8% Fib retracement level of the decline from the $3,762 swing high to the $3,557 low. Main resistance is forming near $3,750.

Ethereum Price

A decisive move above $3,750 could propel the price toward the $3,800 resistance. An upside break beyond $3,800 might lead to further gains, potentially targeting the $3,880 or even $3,920 resistance zones.

Another Slide In ETH?

If Ethereum does not clear the $3,650 resistance, another decline may occur. Initial support is near the $3,600 level, with major support at the $3,580 zone.

A drop below $3,580 may push the price toward the $3,550 support. Additional losses could drive the price to the $3,440 support level, with the next key support at $3,350.

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 level.

Major Support Level: $3,550

Major Resistance Level: $3,685