Ethereum trades sideways below the critical $3,990 resistance, testing the 75-period SMA as support. If bulls close and stabilize ETH/USD above the immediate resistance, the uptrend will likely resume, targeting $4,200.
Ethereum Technical Analysis 15-December-2024
The cryptocurrency is in a bull market above the 765-period simple moving average. As of this writing, ETH/USD trades at approximately $3,861, testing the 75-SMA as support.
As for the technical indicators, the Stochastic is nearing 30, meaning the market could become oversold soon. However, RSI 14 moves along the median line, showing a low momentum market.
Overall, the technical indicators suggest the primary trend is bullish and should resume after a minor consolidation.
Ethereum Set for Gains If It Clears $3990
The immediate resistance is $3,990, and the immediate support is $3,770. From a technical perspective, the uptrend will likely extend to upper resistance levels if ETH closes and stabilizes above the immediate resistance.
In this scenario, the next bullish target could be $4,090, followed by $4,200.
The Bearish Scenario
Please note that the bullish outlook should be invalidated if ETH/USD dips and stabilizes below the immediate support ($3,770). If this scenario unfolds, the cryptocurrency could dip toward the next support level at $3,630.