The Ethereum price has shown positive movement above the $3,550 zone, indicating potential bullish momentum. In recent trading sessions, ETH has started to climb back up from the $3,500 support level, surpassing the $3,550 mark and the 100-hourly Simple Moving Average. This upward trend is further supported by a key bullish trend line forming with a solid support level at $3,550 on the hourly chart of ETH/USD.
While Ethereum has maintained its strength above $3,500, there are challenges ahead in breaking through key resistance levels at $3,650 and $3,680. The bears have been active in these zones, preventing ETH from making significant gains. Despite reaching a high near $3,654, the price has entered a consolidation phase, retracting slightly from its peak.
Looking ahead, Ethereum faces immediate resistance at the $3,630 level, with major hurdles at $3,650 and $3,680. If these resistance levels are breached, ETH could rally towards $3,800 and even target $3,880. Further gains might see the price testing the $4,000 mark. On the downside, initial support is expected near $3,600, followed by major support at $3,575. A break below $3,550 could lead to a decline towards $3,440 and potentially $3,320.
Analyzing the technical indicators, the hourly MACD for ETH/USD is showing signs of losing momentum in the bullish zone. However, the hourly RSI is currently above the 50 level, indicating a slightly positive sentiment in the market. Major support for Ethereum is seen at $3,550, while the key resistance level remains at $3,650.
It is important to note that the information presented in this analysis is for educational purposes only. It does not reflect the views or opinions of any specific entity and should not be considered financial advice. Investing in cryptocurrencies carries inherent risks, and it is advisable to conduct thorough research before making any investment decisions. Users of this information do so at their own risk.
Leave a Reply