ethereum price started a decent rise above the $3,900 zone. eth is consolidating gains and could aim to break above the $4,000 resistance zone.
- ethereum started a decent rise above $3,880 and $3,920.
- The price is trading below $3920 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $3,900 on the hourly chart of eth/USD (data via Kraken).
- The pair could continue to rise if it breaks the $3,980 and $4,020 resistance levels.
ethereum price faces resistance
ethereum price remained stable and extended gains above $3,850, but underperformed bitcoin. eth was able to overcome the $3,920 and $3,980 resistance levels.
There was a break above a key bearish trend line with resistance at $3,900 on the hourly chart of eth/USD. The bulls pushed the pair above the $4,000 and $4,010 resistance levels. A high was formed at $4,019 and the price is now consolidating gains. There was a small drop below the $3,980 level.
The price even fell below the 23.6% Fibonacci retracement level of the upward move from the low of $3,831 to the high of $4,019. ethereum price is now trading above $3,880 and the 100 hourly simple moving average.
On the upside, the price seems to face obstacles near the $4,000 level. The first major resistance is near the $4,020 level. The main resistance is now forming near $4,050. A clear move above the $4,050 resistance could send the price towards the $4,150 resistance.
<img class="size-full wp-image-662761" src="https://technicalterrence.com/wp-content/uploads/2024/12/Ethereum-Eyes-Bitcoin-Lead-Is-a-Similar-Surge-Possible.png" alt="ethereum Price ” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_8e0b63.png?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_8e0b63.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_8e0b63.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_8e0b63.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_8e0b63.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_8e0b63.png?w=104 104w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_8e0b63.png?w=83 83w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_8e0b63.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_8e0b63.png?w=1140 1140w” />
A bullish break above the $4,150 resistance could require more gains in the coming sessions. In the given case, Ether could rise towards the resistance zone of $4,250 or even $4,320.
Another drop in eth?
If ethereum fails to overcome the $4,000 resistance, it could start another decline. Initial support on the downside is near the $3,920 level and the 50% Fibonacci retracement level of the upward move from the low of $3,831 to the high of $4,019. The first major support lies near the $3,880 area.
A clear move below the $3,880 support could push the price towards the $3,840 support. Any further losses could send the price towards the $3,750 support level in the near term. The next key support lies at $3,650.
Technical Indicators
MACD hourly – 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.
Main Support Level: $3,920
Main resistance level: $4,000
