Ethereum Commences Its Bullish Ascent above $3,300

Ethereum (ETH) Current Statistics

The current price: $3,590.24
Market Capitalization: $432,447,404,649.3
Trading Volume: $21,598,142,721.33
Major supply zones: $3,500, $4,000, $4,500
Major demand zones: $2,500, $2,000, $1,500

Ethereum (ETH) Price Analysis January 4, 2025

Ethereum’s (ETH) price has resumed its bullish ascent above $3,300 after closing its slide above the $3,106 support. The largest altcoin is increasing in an effort to reach the $4,094 peak. Buyers have been unable to maintain the price above the $4,000 overhead resistance since March 11, 2024. Ether will reach a new peak, nevertheless, if it breaks above the overhead resistance.

The price indication, however, has shown that it may surge above the $4,000 overhead resistance. A retraced candle body tested the 61.8% Fibonacci retracement line on the December 2 rally. The retracement suggests that ETH will reach the high of $5,221 or the Fibonacci extension level of 1.618. At the time of writing, Ether’s value is $3,587.70.

ETH Technical Indicators Reading

Ether has continued its upward trend after surpassing the moving average lines. The sideways trend is indicated by the horizontal moving average lines. The price of cryptocurrency is reverting toward the moving average lines on the daily chart. When the altcoin finds support above the moving average lines, the upward trend will resume. But when the price breaks below the moving average lines, the bullish momentum will end.

Conclusion

Ethereum starts its bullish ascent above $3,300, continuing its bullish rise. After hitting a peak of $3,629, the altcoin is now encountering its first obstacle. Since Ether has resumed its bullish ascent, the rising trend will resume following the slight setback. The cryptocurrency signal is favorable when the price bars return above the moving average lines.

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