Technical Analysis – ETHUSD climbs over 4%

• climbs over 4%, reclaims 23.6% Fibonacci mark
• Price action capped within consolidation between 20- and 200-day SMAs
• Momentum indicators reflect easing bearish pressure

is extending its consolidation above the 200-day simple moving average (SMA), rebounding above the 3,500 threshold, which aligns with the 23.6% Fibonacci retracement of the August 24 pullback from the record high to the November 3 monthly low. The largest altcoin has repeatedly failed to decisively clear this level since its sharp retreat from the 50-day SMA near 4,200 earlier this month.

At this stage, the momentum indicators are reflecting the fading bearish pressure, with the MACD edging above its red signal line, though still in negative territory, and the RSI sloping higher from below the neutral 50 mark.

The price action currently remains capped just beneath the near-term downtrend line. A breakout could encounter initial resistance at the 20-day SMA near 3,700, followed closely by the 38.2% Fibonacci level at 3,780. Stronger resistance lies near the 50-day SMA just below the psychological , which coincides with the 50% Fibonacci retracement.

Conversely, if Ether corrects lower, a close below the 200-day SMA and the 3,350-3,200 zone – intermittently intact since July – could intensify the broader bearish momentum. This would likely trigger a deeper decline toward the four-month low of 3,040, before exposing further levels last viewn in July in the 2,880-2,600 territory.

To sum up, Ether is rebounding from a key support level, but the broader bearish bias persists and will likely continue to do so unless the price decisively closes back above both the 200- and 20-day SMAs to restore a neutral outlook.

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