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Ethereum’s Recovery: A New Wave Above $3,550
Ethereum’s price has initiated a fresh recovery wave, breaking above the pivotal $3,550 mark. The cryptocurrency is currently in a consolidation phase, poised for another upward move beyond the $3,700 resistance level. This analysis delves into the key price movements and technical indicators shaping Ethereum’s market trajectory.
- Ethereum has initiated a noteworthy recovery wave, climbing past the crucial $3,550 barrier.
- The cryptocurrency is trading above $3,620, supported by the 100-hourly Simple Moving Average.
- A bullish trend line is establishing itself with support near $3,620 on the ETH/USD hourly chart, based on Kraken’s data feed.
- The pair could gain significant bullish momentum if it successfully surpasses the $3,700 resistance mark.
Ethereum Price Climbs Above $3,650
Ethereum’s price has held steady above the $3,420 level, mirroring Bitcoin’s recovery wave. The momentum picked up steam as it surpassed the $3,550 and $3,620 resistance levels. Bulls successfully breached the $3,650 resistance, paving the way for an approach to the $3,700 level. A local high formed at $3,694, with the price now consolidating above the 23.6% Fib retracement from the $3,569 swing low to the $3,694 peak.
The price is currently trading above $3,650, bolstered by the 100-hourly Simple Moving Average. A connecting bullish trend line supports the price at $3,620 on the ETH/USD hourly chart. This trend line aligns closely with the 76.4% Fib retracement from the $3,569 swing low to the $3,694 peak.
On the upside, Ethereum faces challenges near the $3,700 mark. The initial significant resistance is around $3,720, with the primary resistance forming near $3,800. A decisive break above $3,800 could propel the price towards the $3,880 resistance zone.
An upward break past the $3,880 level could lead to further gains, potentially driving Ether towards the $3,920 resistance or even the $4,000 mark in the short term.
Potential Downside: Will Ethereum Face Another Decline?
Should Ethereum struggle to breach the $3,700 resistance, a downward trend may ensue. Initial support is found near the $3,620 level, aligned with the trend line. The first significant support rests at approximately $3,550.
A decisive break below the $3,550 support may drive the price towards the $3,500 benchmark. Continued declines could see Ethereum testing the $3,420 support level in the near future, with the next critical support situated at $3,350.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining momentum within the bullish zone, signaling potential upward movement.
Hourly RSI: The RSI for ETH/USD is positioned above the 50 mark, indicating bullish sentiment.
Major Support Level: $3,620
Major Resistance Level: $3,700
