Ethereum price remained supported above the $3,220 zone. ETH is consolidating and might aim for a move above the $3,400 resistance.

• Ethereum started a fresh increase from the $3,250 support zone.
• The price is trading above $3,350 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $3,320 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if it clears the $3,400 resistance zone.

Ethereum Price Remains Stable and Eyes More Upsides

Ethereum price remained supported above $3,200 and started a fresh increase while Bitcoin corrected gains. ETH is stable above $3,250 and is currently rising.

There was a move above the $3,300 and $3,350 resistance levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $3,545 swing high to the $3,254 low. There was also a break above a connecting bearish trend line with resistance at $3,320 on the hourly chart of ETH/USD.

Ethereum price is now trading above $3,350 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,400 level. It is close to the 50% Fib retracement level of the downward move from the $3,545 swing high to the $3,254 low.

The first major resistance is near the $3,450 level. The main resistance is now forming near $3,500. A clear move above the $3,500 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,680 resistance zone or even $3,750.

Downsides Limited In ETH?

If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.

A clear move below the $3,250 support might push the price toward $3,150. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,250

Major Resistance Level – $3,400

After over 10 months of silence, Ren Protocol announced on social media that it made progress on the long-awaited v2 network upgrade. However, Binance delisted the REN token today, and the community derided this “announcement” as a liquidity farming scam.

Prominent commentators like ZachXBT voiced heavy skepticism about Ren Protocol development, and the firm’s reputation cratered alongside its token value.

Ren Protocol Delisted

In a surprising development, Ren Protocol made its first social media update in over 10 months today. The firm discussed its long-awaited Ren v2 upgrade, promising that work is continuing and further announcements should be coming soon. Ren Protocol initially announced it would shutter its 1.0 network in 2022, but the firm has done little to replace it.

However, the community immediately noticed a much more cynical explanation for this update. The same day, the leading exchange, Binance, announced that it was delisting REN, the protocol’s token. After December 10, Binance users will not be able to trade, deposit, or withdraw REN tokens. The asset’s price subsequently cratered.

In other words, the Ren Protocol was completely silent for nearly an entire year, and it made vague promises of future growth immediately after an impending disaster. Several figures in the community openly accused these developers of conducting a scam: they would briefly pump liquidity through social media hype.

“Sounds like you’re farming for exit liquidity tbh. Where can we read about development?” said one user.

Even on-chain sleuth ZachXBT criticized the project. ZachXBT’s condemnation of this announcement is particularly noteworthy, considering his sterling reputation for unmasking frauds. Most comments on Ren Protocol’s initial post echoed this sentiment.

In other words, even if its developers truly made substantial progress on the v2 upgrade, Ren Protocol’s reputation has sustained a serious blow.

Dogecoin (DOGE) price hit its highest level since 2021 on November 23 but has since entered a correction, dropping 12% in the last 24 hours. The Ichimoku Cloud, DMI, and EMA indicators all point to growing bearish momentum, with DOGE trading below critical levels and showing signs of weakening upward pressure.

If the downtrend continues, DOGE could test support at $0.34, with a potential drop to $0.14 if selling pressure intensifies. However, a recovery could see DOGE challenge resistances at $0.43 and $0.48, potentially aiming for $0.50, a key milestone not reached since March 2021.

DOGE Ichimoku Cloud Shows The Sentiment Is Changing

The Ichimoku Cloud chart for DOGE shows a bearish outlook. The price is trading below both the Tenkan-Sen (blue line) and Kijun-Sen (orange line), indicating downward momentum. The price has also dropped below the cloud (Senkou Span A and B), suggesting a bearish trend has solidified.

The cloud itself, now turning thinner toward the right side of the chart, signals weakening support, increasing the likelihood of further downward pressure.

If DOGE fails to reclaim the cloud and hold above the Kijun-Sen, bearish momentum could accelerate, pushing the price lower. However, the flat base of the Kijun-Sen could act as a minor resistance, and a bounce back above the cloud would indicate a potential trend reversal.

For now, the Ichimoku Cloud suggests that Dogecoin price is in a critical phase, during which the bears will remain in control unless a strong recovery occurs.

Dogecoin’s Downtrend Could Get Stronger

Dogecoin DMI chart indicates an ADX of 22.84, with D+ at 13.5 and D- at 29.7, highlighting a potential shift in momentum. The ADX, or Average Directional Index, measures the strength of a trend, with values above 25 indicating a significant trend, regardless of direction.

Meanwhile, D+ represents bullish strength, and D- represents bearish strength. In this case, the higher D- compared to D+ confirms that bearish forces are currently dominating DOGE’s price action.

Although the ADX at 22.84 suggests that the downtrend is not yet strongly established, the widening gap between D- and D+ points to growing bearish momentum.

This setup indicates that DOGE is likely entering a downtrend, with selling pressure outweighing buying interest. If the ADX continues to rise above 25 while D- remains dominant, it could confirm a stronger bearish trend, leading to further price declines.

DOGE Price Prediction: Can DOGE Reach $0.50 In November?

Dogecoin EMA lines suggest a shift in market sentiment from bullish to bearish, with the current price trading below the short-term EMA lines.

Additionally, these short-term lines are trending downward, indicating growing selling pressure and a weakening upward momentum. This bearish development suggests that DOGE price is losing its previous bullish support, potentially paving the way for further price declines.

If the downtrend strengthens, Dogecoin price could test key support at $0.34. If this level fails to hold, the price might drop as low as $0.14, marking a significant 61% correction.

However, if DOGE price manages to reverse the trend and regain bullish momentum, it could challenge resistances at $0.43 and $0.48. Breaking through these levels would likely push DOGE toward $0.50, a price not seen since March 2021, signaling a strong recovery.