Ethereum Price Bull Run Could Extend By 5%, Why ETH Could Rally To $2,500

2023-12-05 05:02:45

Ethereum price is gaining pace above the $2,200 resistance. ETH is up over 8% and might continue to rise toward the $2,500 resistance in the coming days.

Ethereum is gaining pace and recently surpassed the $2,250 resistance.
The price is trading above $2,200 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $2,225 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could extend its rally if it clears the $2,275 resistance zone.

Ethereum Price Follows Bitcoin

Ethereum price started a strong increase above $2,000, like Bitcoin. ETH cleared many hurdles near $2,120 to enter a positive zone. The price even surged above the $2,200 level to set the tone for a larger increase.

A new multi-month high was formed near $2,275 and the price is now consolidating gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. However, Ethereum is still trading above $2,200 and the 100-hourly Simple Moving Average.

There is also a key bullish trend line forming with support near $2,225 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $2,250 zone.

Source: ETHUSD on TradingView.com

The next key resistance is near the $2,275 level. A clear move above the $2,275 zone could send the price toward the $2,320 level. The next resistance sits at $2,350. Any more gains could start a wave toward the $2,500 level.

Are Dips Limited in ETH?

If Ethereum fails to clear the $2,250 resistance, it could start a downside correction. Initial support on the downside is near the $2,220 level and the trend line.

The next key support is $2,175 or the 76.4% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. The main support is now near $2,150 or the 100-hourly Simple Moving Average. A downside break below $2,150 might start a steady decline. The key support is now at $2,080, below which there is a risk of a move toward the $2,020 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $2,175

Major Resistance Level – $2,250

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