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Home Altcoins

Ethereum Price Prediction- After 10% Surge, Is ETH Rally Just Getting Started?

December 6, 2023
in Altcoins
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Ethereum Price Prediction- After 10% Surge, Is ETH Rally Just Getting Started?
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Ethereum price extended its rally above the $2,250 resistance. ETH is up over 10% and might continue to rise toward the $2,500 resistance.

  • Ethereum is showing positive signs and recently surpassed the $2,300 resistance.
  • The price is trading above $2,250 and the 100-hourly Simple Moving Average.
  • There is a major bullish trend line forming with support near $2,250 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its rally if it clears the $2,320 resistance zone.

Ethereum Price Extends Rally

Ethereum price remained in a positive zone above $2,120, like Bitcoin. ETH extended its rally above the $2,200 and $2,250 resistance levels. The bulls remained action and the price spiked above $2,300.

A new multi-month high was formed near $2,316 and the price is now correcting gains. There was a move below the $2,300 level. The price is now testing the 23.6% Fib retracement level of the upward move from the $2,188 swing low to the $2,316 high.

Ethereum is now trading above $2,250 and the 100-hourly Simple Moving Average. Besides, there is a major bullish trend line forming with support near $2,250 on the hourly chart of ETH/USD.

Ethereum Price Prediction

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $2,320 zone. The next key resistance is near the $2,350 level. A clear move above the $2,350 zone could send the price toward the $2,420 level. The next resistance sits at $2,450. Any more gains could start a wave toward the $2,500 level.

Are Dips Supported in ETH?

If Ethereum fails to clear the $2,320 resistance, it could start a downside correction. Initial support on the downside is near the $2,265 level.

See also  XRP's climb back to $0.60 explained - Ripple effect?

The next key support is $2,250 and the trend line. It is near the 50% Fib retracement level of the upward move from the $2,188 swing low to the $2,316 high. The main support is now near $2,200 or the 100-hourly Simple Moving Average. A downside break below $2,200 might start an extended decline. The key support is now at $2,120, below which there is a risk of a move toward the $2,080 level in the near term.

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 level.

Major Support Level – $2,200

Major Resistance Level – $2,320

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Ethereum price extended its rally above the $2,250 resistance. ETH is up over 10% and might continue to rise toward the $2,500 resistance.

  • Ethereum is showing positive signs and recently surpassed the $2,300 resistance.
  • The price is trading above $2,250 and the 100-hourly Simple Moving Average.
  • There is a major bullish trend line forming with support near $2,250 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its rally if it clears the $2,320 resistance zone.

Ethereum Price Extends Rally

Ethereum price remained in a positive zone above $2,120, like Bitcoin. ETH extended its rally above the $2,200 and $2,250 resistance levels. The bulls remained action and the price spiked above $2,300.

See also  Chainlink (LINK) Holders Accumulate Amid Decline

A new multi-month high was formed near $2,316 and the price is now correcting gains. There was a move below the $2,300 level. The price is now testing the 23.6% Fib retracement level of the upward move from the $2,188 swing low to the $2,316 high.

Ethereum is now trading above $2,250 and the 100-hourly Simple Moving Average. Besides, there is a major bullish trend line forming with support near $2,250 on the hourly chart of ETH/USD.

Ethereum Price Prediction

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $2,320 zone. The next key resistance is near the $2,350 level. A clear move above the $2,350 zone could send the price toward the $2,420 level. The next resistance sits at $2,450. Any more gains could start a wave toward the $2,500 level.

Are Dips Supported in ETH?

If Ethereum fails to clear the $2,320 resistance, it could start a downside correction. Initial support on the downside is near the $2,265 level.

The next key support is $2,250 and the trend line. It is near the 50% Fib retracement level of the upward move from the $2,188 swing low to the $2,316 high. The main support is now near $2,200 or the 100-hourly Simple Moving Average. A downside break below $2,200 might start an extended decline. The key support is now at $2,120, below which there is a risk of a move toward the $2,080 level in the near term.

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 level.

See also  Bitcoin's potential bounce: Will $63K support lead to BTC's rally?

Major Support Level – $2,200

Major Resistance Level – $2,320

Tags: ETHEthereumPredictionPricerallyStartedSurge

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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MOJO Airdrop and Token Info

MOJO Airdrop and Token Info

April 5, 2024
PepeCoin Cryptocurrency (pepecoin) Price Prediction 2023 2024 2025

Holo (HOT) Price Prediction

March 16, 2024
U.S SEC Is Reportedly Ready To Consider Ethereum Futures ETF Applications

U.S SEC Is Reportedly Ready To Consider Ethereum Futures ETF Applications

October 12, 2023
Ethereum Price Could Rally If It’s Able To Reclaims The 100 SMA

Ethereum Price Could Rally If It’s Able To Reclaims The 100 SMA

May 3, 2024

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