Ethereum Rockets Higher, Narrowing Distance to a Make-or-Break Resistance Line

Overview

Ethereum’s price has begun a notable ascent, surpassing key resistance levels and currently aiming to break through a significant barrier. This movement is crucial as it could dictate future price trends for the cryptocurrency.

Recent Price Movement

Ethereum’s price has initiated a fresh increase, moving above the $2,920 and $2,950 levels. It is currently trading above the 100-hourly Simple Moving Average, indicating a positive trend. A break occurred above a short-term bearish trend line that had resistance at $2,825 on the hourly chart of ETH/USD.

The price has now reached a critical point, testing the $3,050 resistance level after forming a high at $3,047. Currently, Ethereum is consolidating above the 23.6% Fibonacci retracement level of the recent move from a swing low of $2,718 to the $3,047 high.

If Ethereum manages to settle above the $3,050 zone, it could potentially continue to rise. The next resistance levels are noted at $3,080 and $3,120, with a significant upside move above $3,120 possibly leading to further gains.

Potential Decline

Conversely, if Ethereum fails to overcome the $3,050 resistance, it may begin to decline. Initial support is identified near the $2,970 level, while the first major support is around the $2,880 zone or the 50% Fibonacci retracement level from the recent swing low. A clear decline below the $2,840 support could push the price down toward the $2,800 support level, with further losses potentially leading to the $2,750 region.

Technical Indicators

• Hourly MACD: The MACD for ETH/USD is gaining momentum in the bullish zone.
• Hourly RSI: The RSI for ETH/USD is currently above the 50 zone.
• Major Support Level: $2,970
• Major Resistance Level: $3,050

Impact on the crypto market

• Ethereum’s recent price movements may influence overall market sentiment and investor confidence in cryptocurrencies.
• A successful break above the $3,050 resistance could signal bullish momentum for other cryptocurrencies.
• Conversely, a failure to clear this resistance could lead to increased selling pressure across the market.
• The technical indicators suggest a potential for further upward movement, which may attract more trading activity.
• The upcoming resistance levels may serve as critical points for traders to watch, influencing trading strategies and market dynamics.

Updated: 12/3/2025, 4:33:21 AM