Ethereum (ETH) Price Update: Bullish Momentum Above $3,700 Support
Hereโs a quick breakdown of Ethereumโs current performance and technical indicators:
๐ Key Price Stats (as of Dec 6, 2024):
Current Price: $3,876.94
Daily High/Low: $3,949.27 / $3,602.54
24-Hour Change: -1.21%
Weekly Growth: +4.40%
Monthly Surge: +59.56%
๐ Technical Highlights:
Trend Line Breakout: ETH broke above a key bearish trend line at $3,870, signaling bullish momentum.Support Level: Strong support is holding around $3,775 to cushion potential pullbacks.Resistance Level: Immediate resistance lies at $3,890, close to the 76.4% Fibonacci retracement from $3,956 to $3,680. Breaking this level could push ETH toward $4,000.Moving Averages:Price is above the 100-hour Simple Moving Average (SMA)โa bullish indicator.
๐ Momentum Indicators:
MACD (Moving Average Convergence Divergence): Bullish momentum is increasing.RSI (Relative Strength Index): Holding above 50, indicating strong buying interest.
๐ฎ Whatโs Next for ETH?
Bullish Scenario: A break above $3,890 could clear the way for a move toward $4,000 or even higher.Bearish Scenario: If support at $3,775 fails, ETH might retest lower levels near $3,700.
Ethereumโs outlook remains optimistic, with technical signals aligning for a potential bullish breakout. Keep an eye on key resistance and support levels to anticipate the next big move!
