A Gradual Increase in Sight?

Ethereum is showing signs of recovery, emerging from the $3,320 zone. With a focus on overcoming the $3,450 resistance, ETH is poised for a potential new surge. Let’s delve into the current market dynamics and future price movements.

Ethereum initiated a significant recovery above the $3,350 zone.

Currently trading beyond $3,365, the price is above the 100-hourly Simple Moving Average.

A break occurred above a short-term declining channel, with resistance at $3,350 on the hourly chart of ETH/USD.

If the pair surpasses the $3,450 resistance level, it could gain bullish momentum.

Ethereum Price Holds Support

Ethereum’s price demonstrated resilience above the $3,250 level, mirroring Bitcoin’s recovery. ETH managed to breach the $3,320 and $3,350 resistance thresholds successfully. A notable break took place above a short-term declining channel, with resistance stationed at $3,350 on the hourly chart of ETH/USD. The pair also exceeded the 50% Fibonacci retracement level of the recent descent from the $3,444 swing high to the $3,310 low.

Currently, Ethereum is trading above $3,365, maintaining its position above the 100-hourly Simple Moving Average. On the upside, the price encounters resistance near the $3,400 mark, aligning with the 76.4% Fibonacci retracement level of the same decline.

The initial significant resistance is found near the $3,420 level, while the primary resistance is establishing itself around $3,450. A definitive move above this resistance could potentially propel the price towards the $3,550 mark. An upward breach beyond $3,550 might pave the way for additional gains, potentially leading Ether to target the $3,650 or even the $3,720 resistance zone in upcoming sessions.

Potential Downturn in Ethereum?

Should Ethereum struggle to clear the $3,400 resistance, a decline could ensue. The first line of defense on the downside emerges around the $3,360 level, with the first major support positioned near $3,320. A decisive move beneath $3,320 could drive the price towards the $3,250 support level. Further losses might push the price towards the $3,200 zone in the short term, with the next critical support resting at $3,120.