Will ETH Price Rally Beyond $3,321 Soon?
With the cryptocurrency market cap reaching $3.10T, Ethereum’s bull run is struggling to continue above $3,100. After a sharp rise, ETH price is reversing from the upper trendline.
Can Ethereum’s resurgent rally break key resistance and break $3,000 before December? Read our latest Ethereum price analysis to find out!
Ethereum (ETH) Price Analysis
On the daily chart, the price trend of Ethereum (ETH) shows a channel breakthrough and rebound, showing a strong upward trajectory. However, over the past seven days, the price of ETH has declined by 0.90%.
Ethereum is currently trading at $3,119, up 0.24% intraday, holding above the key 50% Fibonacci level of $3,103. This suggests bullish sentiment persists as buyers defend key support levels.
Technical indicators:
EMA: The 50-day moving average is preparing to form a golden cross with the 200-day moving average.
relative strength index: On the daily chart, the RSI line remains above its midline and is approaching the overbought zone, reflecting increasing bullish momentum.
Will ETH Price Break Above $3,321?
The current uptrend indicates 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 may occur to retest the $2,860 area before another move higher. Overall, market sentiment remains bullish as long as ETH remains above the $2,800 range.
Key levels to watch:
- Immediate resistance is at $3,321, consistent with the 61.80% Fibonacci level.
- A break above $3,321 could lead to $4,091.
- $2,860 (38.20% Fibonacci retracement and 200-day EMA) is key support.
Wondering if there will be a bull run for ETH above $4,000 in 2024? Learn more now on Coinpedia ETH price prediction!
FAQ
Ethereum is currently changing hands at $3,119, with an intraday increase of 0.24%.
Ethereum has strong bullish momentum and a break above the $3,321 resistance could trigger a rally to $4,091.
Key support for Ethereum lies at $2,860 and $2,800, consistent with the 38.20% Fibonacci retracement level and the 200-day EMA.
