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Ethereum Price Rockets Up: $4,000 Target Inches Closer

NewsBTCDec 5, 2024 3:48 AM

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Ethereum price is rising from the $3,550 zone. ETH is showing bullish signs and might soon aim for a move above the $3,920 resistance zone.

Ethereum remained in a positive zone and stayed above the $3,650 zone.
The price is trading above $3,750 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $3,800 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if it clears the $3,880 resistance zone.

Ethereum Price Starts Fresh Increase

Ethereum price remained well-bid above the $3,650 support zone. ETH formed a base and recently started a fresh increase above $3,700 like Bitcoin. The bulls were able to push the price above the $3,800 resistance.

A high was formed at $3,895 and the price is now showing many positive signs. It is stable above the 23.6% Fib retracement level of the upward move from the $3,505 swing low to the $3,895 high. There is also a key bullish trend line forming with support at $3,800 on the hourly chart of ETH/USD.

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 $3,895 level. The first major resistance is near the $3,920 level. The main resistance is now forming near $3,950.

A clear move above the $3,950 resistance might send the price toward the $4,000 resistance. An upside break above the $4,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,050 resistance zone or even $4,120.

Another Drop In ETH?

If Ethereum fails to clear the $3,920 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 $3,700 support or the 50% Fib retracement level of the upward move from the $3,505 swing low to the $3,895 high. Any more losses might send the price toward the $3,650 support level in the near term. The next key support sits at $3,600.

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 – $3,700

Major Resistance Level – $3,920

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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