Ethereum price seems to be on the verge of a fresh increase wave above the $3,400 zone, showing signs of potential growth. To continue this positive momentum in the near term, ETH must surpass the $3,580 resistance level.
Ethereum has managed to hold gains above the $3,250 support zone, trading above $3,400 and the 100-hourly Simple Moving Average. A significant development occurred with the break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD via Kraken data feed. This breakout could pave the way for further upside movement, as the pair may continue to rise if it manages to settle above the $3,500 resistance zone.
The first major resistance Ethereum faces is near the $3,550 level, followed by the key resistance at $3,580. Surpassing these levels could trigger a bullish momentum, potentially leading the price towards the $3,720 level. Further upward movement could see Ethereum climbing towards the $3,880 resistance and even testing the $4,000 mark. Conversely, failure to clear the $3,500 resistance may result in another decline, with initial support near $3,400 and major support near the $3,250 zone. A more significant drop could send the price towards the $3,060 support and even down to $3,000 or $2,880 levels.
The Hourly MACD for ETH/USD is showing momentum in the bullish zone, indicating a positive trend. The Hourly RSI is above the 50 level, further supporting the bullish scenario.
It is essential to note that the information provided in this analysis is for educational purposes only. NewsBTC does not offer any financial advice on whether to buy, sell, or hold investments. Investing always carries risks, and it is strongly recommended to conduct thorough research before making any investment decisions. Use the information provided on this platform at your own discretion and risk.
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