{"id":1983,"date":"2024-12-25T05:11:07","date_gmt":"2024-12-25T05:11:07","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/ethereum-price-approaches-critical-resistance-a-turning-point\/"},"modified":"2024-12-25T05:11:07","modified_gmt":"2024-12-25T05:11:07","slug":"ethereum-price-approaches-critical-resistance-a-turning-point","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/ethereum-price-approaches-critical-resistance-a-turning-point\/","title":{"rendered":"Ethereum Price Approaches Critical Resistance: A Turning Point?"},"content":{"rendered":"<p><em>Ethereum price started a recovery wave from the $3,220 support. ETH is now recovering some losses and might rise if it clears the $3,550 resistance.<\/em><\/p>\n<ul>\n<li>Ethereum started a fresh increase above the $3,350 zone.<\/li>\n<li>The price is trading above $3,420 and the 100-hourly Simple Moving Average.<\/li>\n<li>There is a connecting bullish trend line forming with support at $3,425 on the hourly chart of ETH\/USD (data feed via Kraken).<\/li>\n<li>The pair could start a decent increase if it clears the $3,520 and $3,550 resistance levels.<\/li>\n<\/ul>\n<h2>Ethereum Price Starts Recovery<\/h2>\n<p>Ethereum price remained stable above $3,220 and started a recovery wave like Bitcoin. ETH was able to climb above the $3,350 and $3,400 resistance levels.<\/p>\n<p>The price even cleared the $3,500 resistance level. However, the bears remained active below the $3,550 level. A high was formed at $3,534 and the price is now consolidating gains. It corrected some points below the 23.6% Fib retracement level of the recent wave from the $3,226 swing low to the $3,534 high.<\/p>\n<p>Ethereum price is now trading above $3,420 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,425 on the hourly chart of ETH\/USD.<\/p>\n<p>On the upside, the price seems to be facing hurdles near the $3,520 level. The first major resistance is near the $3,540 level.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"size-full wp-image-667002\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2024\/12\/Ethereum_c8d4ba.png?resize=1024%2C478\" alt=\"Ethereum Price\" width=\"1024\" height=\"478\" \/><\/p>\n<p>The main resistance is now forming near $3,550. A clear move above the $3,550 resistance might send the price toward the $3,650 resistance. An upside break above the $3,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,720 resistance zone or even $3,800.<\/p>\n<h2>Another Decline In ETH?<\/h2>\n<p>If Ethereum fails to clear the $3,550 resistance, it could continue to move down. Initial support on the downside is near the $3,425 level and the trend line. The first major support sits near the $3,375 zone.<\/p>\n<p>A clear move below the $3,375 support might push the price toward the $3,320 support. Any more losses might send the price toward the $3,220 support level in the near term. The next key support sits at $3,110.<\/p>\n<p>Technical Indicators<\/p>\n<p>Hourly MACD<strong> \u2013 <\/strong>The MACD for ETH\/USD is losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI<strong> &#8211; <\/strong>The RSI for ETH\/USD is now above the 50 zone.<\/p>\n<p>Major Support Level \u2013 $3,425<\/p>\n<p>Major Resistance Level \u2013 $3,550<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum price started a recovery wave from the $3,220 support. ETH is now recovering some losses and might rise if it clears the $3,550 resistance. Ethereum started a fresh increase above the $3,350 zone. The price is trading above $3,420 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[147],"tags":[138,148,102,104,105],"class_list":["post-1983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eth","tag-eth","tag-ethbtc","tag-ethereum","tag-ethusd","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=1983"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1983\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/1984"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=1983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=1983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=1983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}