Ethereum Eyes Bitcoin’s Lead: Is a Similar Surge Possible?
16 December 2024 - 2:38PM
NEWSBTC
Ethereum price started a decent increase above the $3,900 zone. ETH
is consolidating gains and might aim for a move above the $4,000
resistance zone. Ethereum started a decent increase above $3,880
and $3,920. The price is trading below $3,920 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
feed via Kraken). The pair could continue to move up if it clears
the $3,980 and $4,020 resistance levels. Ethereum Price Faces
Resistance Ethereum price remained stable and extended gains above
$3,850 but it underperformed Bitcoin. ETH was able to climb above
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 minor decline below the
$3,980 level. The price even dipped below the 23.6% Fib retracement
level of the upward move from the $3,831 swing low to the $4,019
high. Ethereum price is now trading above $3,880 and the 100-hourly
Simple Moving Average. On the upside, the price seems to be facing
hurdles 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 might send the price toward
the $4,150 resistance. An upside break above the $4,150 resistance
might call for more gains in the coming sessions. In the stated
case, Ether could rise toward the $4,250 resistance zone or even
$4,320. Another Decline In ETH? If Ethereum fails to clear the
$4,000 resistance, it could start another decline. Initial support
on the downside is near the $3,920 level and the 50% Fib
retracement level of the upward move from the $3,831 swing low to
the $4,019 high. The first major support sits near the $3,880 zone.
A clear move below the $3,880 support might push the price toward
the $3,840 support. Any more losses might send the price toward the
$3,750 support level in the near term. The next key support sits at
$3,650. 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 – $3,920
Major Resistance Level – $4,000
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