Ethereum Gears Up for a Record High: Can It Break Through?
16 Diciembre 2024 - 9:18PM
NEWSBTC
Ethereum price started a decent increase above the $3,950 zone. ETH
is consolidating gains and might aim for a move above the $4,150
resistance zone. Ethereum started a decent increase above $3,950
and $4,000. The price is trading below $3,980 and the 100-hourly
Simple Moving Average. There is a key bullish trend line forming
with support at $3,940 on the hourly chart of ETH/USD (data feed
via Kraken). The pair could continue to move up if it clears the
$4,080 and $4,120 resistance levels. Ethereum Price Regains
Momentum Ethereum price remained stable and extended gains above
$3,880 but it underperformed Bitcoin. ETH was able to climb above
the $3,980 and $4,000 resistance levels. The bulls pushed the pair
above the $4,050 and $4,080 resistance levels. A high was formed at
$4,107 before there was a pullback. There was a minor decline below
the $4,000 level. The price traded as low as $3,946 and is
currently rising. There was a move above the 23.6% Fib retracement
level of the downward move from the $4,107 swing high to the $3,946
low. Ethereum price is now trading above $4,000 and the 100-hourly
Simple Moving Average. There is also a key bullish trend line
forming with support at $3,940 on the hourly chart of ETH/USD. On
the upside, the price seems to be facing hurdles near the $4,025
level. The first major resistance is near the $4,070 level or the
76.4% Fib retracement level of the downward move from the $4,107
swing high to the $3,946 low. The main resistance is now forming
near $4,120. A clear move above the $4,120 resistance might send
the price toward the $4,250 resistance. An upside break above the
$4,250 resistance might call for more gains in the coming sessions.
In the stated case, Ether could rise toward the $4,350 resistance
zone or even $4,500. Downside Correction In ETH? If Ethereum fails
to clear the $4,120 resistance, it could start another decline.
Initial support on the downside is near the $3,980 level. The first
major support sits near the $3,940 zone. A clear move below the
$3,940 support might push the price toward the $3,880 support. Any
more losses might send the price toward the $3,800 support level in
the near term. The next key support sits 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 now above
the 50 zone. Major Support Level – $3,940 Major Resistance Level –
$4,120
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