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Ethereum Climbs to Resistance Zone, Breakout Hopes on Trial

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Aayush Jindal

Key Highlights

  • Ethereum started a recovery wave above $3,200 and $3,300.
  • ETH is now trading above a bullish trend line with support at $3,000 on the daily chart.
  • Bitcoin price gained bullish momentum and settled above $95,000.
  • XRP recovered above $2.15 but faces key resistance near $2.25.

Ethereum Technical Analysis

Ethereum started a recovery wave above $3,000. The bulls were able to push ETH above $3,150 and $3,200 before they faced hurdles.

Looking at the daily chart, the price started a decent increase above the 23.6% Fib retracement level of the downward move from the $4,754 swing high to the $2,616 low. The price even surpassed $3,300 before it faced resistance near the 100-day simple moving average (red).

Immediate resistance sits near $3,400. The first key resistance could be near the $3,550 level. The main hurdle for the bulls sits near the 200-day simple moving average (green) at $3,650. The 50% Fib retracement level of the downward move from the $4,754 swing high to the $2,616 low is also near $3,685.

A daily close above the $3,685 resistance zone could start another steady increase. In the stated case, the price may perhaps rise toward the $3,800 level.

On the downside, the bulls might be active near $3,220 and $3,200. The main support is now forming near $3,000, below which the price could slide toward $2,880. Any more losses might call for a move toward $2,620.

Looking at Bitcoin, there was a decent increase, and the bulls were able to push the price above the key resistance at $95,500.

Economic Releases

  • US Initial Jobless Claims - Forecast 215K, versus 208K previous.
  • NY Empire State Manufacturing Index for Jan 2025 – Forecast 1, versus -3.9 previous.
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