With the crypto market hitting the $3.10T market cap, Ethereum’s bull run struggles to continue above $3,100. Following the massive surge, the ETH price rally reverses from the overhead trendline.
Will Ethereum’s recovery rally break through critical resistance levels and surpass $3,000 before December? Read our latest Ethereum price analysis to find out!
Ethereum (ETH) Price Analysis
In the daily chart, the Ethereum (ETH) price trend shows a channel breakout rally, demonstrating a strong upward trajectory. However, over the past seven days, the price of ETH has dropped by 0.90%.
Currently trading at $3,119 with an intraday gain of 0.24%, Ethereum maintains its position above the critical 50% Fibonacci level at $3,103. This indicates sustained bullish sentiment as buyers defend key support levels.
Technical Indicators:
EMA: The 50-day EMA prepares for a golden crossover with the 200-day EMA.
RSI: On the daily chart, the RSI line remains above the midline and edges closer to the overbought zone, reflecting increasing bullish momentum.
Will ETH Price Cross $3,321?
The current uptrend signals strong buyer interest, with the potential to test and break above the $3,321 level in the coming sessions. However, if Ethereum faces rejection near the 61.80% Fibonacci level, a pullback to retest the $2,860 zone could occur before another leg higher. Overall, the sentiment remains bullish as long as ETH holds above the $2,800 range.
Key Levels to Watch:
- Immediate resistance is at $3,321, aligning with the 61.80% Fibonacci level.
- A breakout rally above $3,321 could reach $4,091.
- $2,860 (38.20% Fibonacci retracement level and 200-day EMA) acts as a crucial support.
Wondering if the bull run in ETH will surpass $4,000 in 2024? Find out now in Coinpedia’s well-rounded ETH price prediction!
FAQs
Ethereum is presently changing hands at $3,119, with an intraday gain of 0.24%.
Ethereum has strong bullish momentum, and breaking the $3,321 resistance level could trigger a rally toward $4,091.
Ethereum’s critical support levels are at $2,860 and $2,800, aligning with the 38.20% Fibonacci retracement and 200-day EMA.
