Ethereum Price Preps for Breakout: Will Bulls Drive a Massive Upswing?
2024-12-12
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Ethereum price started a decent increase above the $3,650 zone. ETH is now rising and might aim for a move above the $3,900 resistance zone.
Ethereum Price Eyes More Gains
Ethereum price remained stable above $3,500 and started a fresh increase like Bitcoin. ETH was able to climb above the $3,650 and $3,720 resistance levels.
There was a break above a key bearish trend line with resistance at $3,720 on the hourly chart of ETH/USD. The bulls pushed the pair above the 50% Fib retracement level of the downward wave from the $4,015 swing high to the $3,488 low.
The price even spiked above the $3,800 resistance zone. Ethereum price is now trading above $3,750 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,850 level.
The first major resistance is near the $3,890 level or the 76.4% Fib retracement level of the downward wave from the $4,015 swing high to the $3,488 low. The main resistance is now forming near $4,000. A clear move above the $4,000 resistance might send the price toward the $4,050 resistance.
An upside break above the $4,050 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,150 resistance zone or even $4,220.
Another Drop In ETH?
If Ethereum fails to clear the $3,890 resistance, it could start another decline. Initial support on the downside is near the $3,800 level. The first major support sits near the $3,750 zone.
A clear move below the $3,750 support might push the price toward the $3,650 support. Any more losses might send the price toward the $3,550 support level in the near term. The next key support sits at $3,500.
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 – $3,750
Major Resistance Level – $3,890