Ethereum Price Approaches Critical Resistance: A Turning Point?

Dec 25, 2024 04:00 am Cryptocurrency 130

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 support at $3,425 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could start a decent increase if it clears the $3,520 and $3,550 resistance levels.

Ethereum Price Starts Recovery

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.

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 ..

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