The price of Ethereum has been fluctuating recently, with the coin staying above the $3,400 support zone. However, in order for Ethereum to continue its upward trajectory, it needs to clear the $3,600 mark. The recent decline in price saw Ethereum testing the $3,400 support zone, with traders closely monitoring the movement to make informed decisions.
Looking at the hourly chart of ETH/USD, we can see that the price is currently trading above $3,500 and the 100-hourly Simple Moving Average. There was a significant break above a bearish trend line with resistance at $3,500, indicating a potential shift in momentum. The pair could see a bullish run if it manages to stay above the $3,500 support zone.
After dipping below the $3,500 level, Ethereum saw a slight spike below the $3,450 support before the bulls stepped in. The price touched a low of $3,408 before initiating a recovery wave, similar to what Bitcoin experienced. As the price climbed back above $3,500, it tested the 50% Fib retracement level, signaling a potential reversal in the downward trend. Ethereum is currently trading near $3,500, with immediate resistance at the $3,600 level.
If Ethereum manages to clear the $3,600 resistance, it could pave the way for further gains. The first major resistance sits at $3,650, followed by key levels at $3,725 and $3,780. Breaking above $3,800 could indicate a bullish momentum, with the price eyeing the $3,880 zone. Further bullish sentiment could see Ethereum reaching the $4,000 mark. On the other hand, failure to break the $3,600 resistance might result in a new decline. Initial support is seen at $3,520, followed by major support levels at $3,500 and $3,400.
Analyzing the hourly MACD for ETH/USD, we can see momentum building up in the bullish territory. The hourly RSI for Ethereum is currently above the 50 level, hinting at a positive market sentiment. With major support levels at $3,520 and resistance levels at $3,600, traders are closely monitoring the price action to make informed decisions.
The recent price movements in Ethereum indicate a potential recovery wave, with key resistance levels at $3,600 and $3,650. Traders are advised to conduct thorough research and analysis before making any investment decisions, as the market carries inherent risks. It is crucial to stay informed about the latest developments and technical indicators to navigate the volatile crypto market effectively.
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