ethereum price started a decent rise above the $3,350 resistance. eth is now recovering some losses and could gain pace if it breaks the $3,550 resistance.
- ethereum started a fresh rise above the $3,400 zone.
- The price is trading above $3,450 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $3,455 on the hourly chart of eth/USD (data feed via Kraken).
- The pair could start a decent rise if it breaks the $3,525 and $3,550 resistance levels.
ethereum price points higher
ethereum price started a decent rise above the $3,320 level like bitcoin. eth was able to overcome the $3,400 and $3,420 resistance levels.
The price even surpassed the $3,500 resistance level. However, the bears remained active below the $3,550 level. A high was formed at $3,535 and the price is now consolidating gains. It fell and traded below the 23.6% Fibonacci retracement level of the upward move from the low of $3,225 to the high of $3,534.
ethereum price is now trading above $3,450 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $3,455 on the hourly chart of eth/USD.
On the upside, the price seems to face obstacles near the $3,500 level. The first major resistance is near the $3,525 level.
<img class="size-full wp-image-667119" src="https://technicalterrence.com/wp-content/uploads/2024/12/Ethereum-Price-Accelerates-Will-Bulls-Trigger-a-Fresh-Rally.png" alt="ethereum Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_a2415f.png?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_a2415f.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_a2415f.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_a2415f.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_a2415f.png?w=104 104w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_a2415f.png?w=83 83w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_a2415f.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_a2415f.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/12/Ethereum_a2415f.png?w=1140 1140w” />
The main resistance is now forming near $3,550. A clear move above the $3,550 resistance could send the price towards the $3,620 resistance. A bullish break above the $3,620 resistance could require more gains in the coming sessions. In the given case, Ether could rise towards the resistance zone of $3,680 or even $3,750.
Another drop in eth?
If ethereum fails to clear the $3,550 resistance, it could continue down. Initial support on the downside is near the $3,455 level and the trend line. The first major support lies near the $3,375 zone or the 50% Fibonacci retracement level of the upward move from the low of $3,225 to the high of $3,534.
A clear move below the $3,375 support could push the price towards the $3,250 support. Any further losses could send the price towards the $3,220 support level in the near term. The next key support lies at $3,110.
Technical Indicators
MACD hourly – The MACD for eth/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for eth/USD is now below the 50 zone.
Main Support Level: $3,425
Main Resistance Level: $3,550
