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Bulls Push for a Controlled Comeback

Sergio Gruber by Sergio Gruber
January 2, 2025
in Crypto, News
Reading Time: 2 mins read
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Ethereum Price Rise Targets $3,000: Will It Cross the Mark?
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The Ethereum price is showing promising signs of a new recovery wave, having climbed above the crucial $3,400 zone. Ethereum (ETH) is currently in a phase of consolidation and is poised to target a fresh increase, potentially breaking through the significant $3,500 resistance level.

  • Ethereum initiated a respectable recovery wave surpassing the $3,450 zone.
  • The price is now trading above $3,420, comfortably above the 100-hourly Simple Moving Average (SMA).
  • A supportive bullish trend line is forming with its base at $3,420 on the hourly ETH/USD chart, sourced from Kraken.
  • Breaking past the $3,500 resistance could propel the pair into a stronger bullish momentum.

Ethereum Price Rises Steadily

blockdag 70m

Ethereum’s price has demonstrated remarkable stability above the $3,320 mark, continuing its recovery wave in a manner similar to Bitcoin. ETH has gained enough momentum to clear the $3,350 and $3,420 resistance levels, setting the stage for further advances.

Breaking the $3,450 resistance level was a pivotal moment for the bulls, opening pathways for Ethereum to approach the $3,500 benchmark. The price reached a peak at $3,502 and is currently in a phase of consolidating these gains. There was a slight dip, touching below the 23.6% Fibonacci retracement level, derived from the upswing between the $3,310 low to the $3,502 high.

Currently, Ethereum is trading above $3,400 and the 100-hourly SMA. A bullish trend line continues to offer support at $3,420 on the hourly chart of ETH/USD. On the upside, the price faces resistance around the $3,480 level, with the first major barrier stationed near $3,500. A primary resistance is forming around the $3,550 mark. Successfully navigating past the $3,550 resistance could propel the price toward the $3,650 resistance zone.

An upside break through $3,650 might pave the way for additional gains in the upcoming trading sessions. In such a scenario, Ethereum could see a rise toward the $3,780 resistance level or potentially aim for $3,880 in the near term.

Another Decline in ETH?

Should Ethereum fail to break through the $3,500 resistance, there is a possibility of another downward movement. Initial support on the downside is located near the $3,420 level, aligning with the trend line. The first significant support is situated around $3,400 or the 50% Fibonacci retracement level, which marks the upward movement from the $3,310 low to the $3,502 high.

A decisive move below the $3,400 support could push Ethereum’s price toward the $3,350 support level. Further declines might drive the price down to the $3,280 support level in the short term, with the next critical support resting at $3,220.

Technical Indicators

Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone, indicating a strengthening upward trend.

Hourly RSI: The RSI for ETH/USD is currently positioned above the 50 mark, suggesting a favorable market sentiment.

Major Support Level: $3,400

Major Resistance Level: $3,500

Tags: ethbtcEthereumethusdETHUSDT
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Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

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