Ethereum Price Could Rally to $4007 If the $3433 Resistance Gives Way

Highlights:

• Ethereum price slides 1% to trade at $3338 as trading volume soars. 
• ETH’s TVL has plunged about 13% in the last seven days, and it is at $67.283 billion as of this writing.
• A daily candlestick close above the $3433 resistance level could trigger a rally, potentially hitting $4007. 

The Ethereum price has reclaimed the $3300 mark despite the slight pullback of 1% at press time. Its daily trading volume has soared 9% to 29.7 billion, suggesting renewed investor interest. 

Meanwhile, the Ethereum chain is the largest DeFi ecosystem, accounting for more than 57% of the Total Value Locked (TVL). However, it recorded about a 13% slump in the last seven days, with the TVL at $67.283 billion as of this writing. That denotes reduced utility and demand, which has brought downward pressure on the Ethereum price. 

ETH Statistical Data

Based on CoinmarketCap data:

• ETH price now – $3,334
• Trading volume (24h) – $29.7 billion
• Market cap – $401.65 billion
• Total supply – 120.45 million
• Circulating supply – 120.45 million
• ETH ranking – #2

Ethereum price returned to the upside on Monday, gaining 1.6% at the time of writing to trade at $3,338. The altcoin has struggled for traction in the last seven days, with its value down by about 15.3% during that time. However, a return above the $3,300 mark, a support level for the last month, signifies a potential rebound in the coming days.

Ethereum Price Outlook

The bulls are leaving no stone unturned as they aim to flip the $3433 resistance into the support floor. A daily candlestick close above this level could push the altcoin to the key resistance around $3,717. However, in a highly bullish scenario, the token may breach this barrier to tag the $4,007 psychological level. Increased buying pressure will see the bulls extrapolate the gains to record a new ATH at $4,800, bringing the total gains to over 30%.

However, failure to hold above the critical $3433 support risks triggering further sell-offs. The next significant support lies at $3043, where bulls must step in to defend the structure. A breach below this level could invalidate any bullish outlook, potentially driving ETH toward $2,960.

Meanwhile, traders interested in holding long positions in ETH and possibly desire to seek more exposure to the token may do so assured that the golden cross pattern on the daily chart timeframe is a bullish gesture.

The RSI notably shows rising momentum, climbing from the 30-oversold level to 40.76. Increased buying pressure could see the token surge above the 50-mean level towards the overbought region. 

A close look at the Moving Average Convergence Divergence (MACD) cautions that traders must be careful when placing buy orders. A sell signal sent on December 9 implies that bears could still influence Ethereum Price’s direction. As the MACD drops to the neutral area (0.00), traders should be keen on the next buy signal.