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Ethereum Price Holds Steady, $4K Remains The Goal

NewsBTCDec 4, 2024 3:47 AM

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Ethereum price is recovering higher from the $3,500 zone. ETH is showing bullish signs and might soon aim for a move above the $3,700 resistance zone.

Ethereum remained in a positive zone and stayed above the $3,500 zone.
The price is trading above $3,620 and the 100-hourly Simple Moving Average.
There was a break above a connecting bearish trend line with resistance at $3,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could restart its increase if it clears the $3,700 zone.

Ethereum Price Makes Fresh Increase

Ethereum price failed to clear the $3,680 resistance zone and corrected some gains like Bitcoin. ETH declined below the $3,600 and $3,550 support levels. It even retested the $3,500 support level.

A low was formed at $3,505 and the price is now attempting a fresh increase. There was a move above the $3,600 and $3,620 levels. The price cleared the 50% Fib retracement level of the downward move from the $3,760 swing high to the $3,505 low.

Besides, there was a break above a connecting bearish trend line with resistance at $3,600 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,600 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $3,680 level. The first major resistance is near the $3,700 level or the 76.4% Fib retracement level of the downward move from the $3,760 swing high to the $3,505 low. The main resistance is now forming near $3,750.

A clear move above the $3,750 resistance might send the price toward the $3,880 resistance. An upside break above the $3,880 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,120.

Another Drop In ETH?

If Ethereum fails to clear the $3,700 resistance, it could start another decline. Initial support on the downside is near the $3,600 level. The first major support sits near the $3,550 zone.

A clear move below the $3,550 support might push the price toward the $3,500 support. Any more losses might send the price toward the $3,420 support level in the near term. The next key support sits 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 now above the 50 zone.

Major Support Level – $3,600

Major Resistance Level – $3,700

Reviewed byTony

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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