Ethereum’s price action has shown promising signs with a notable increase beyond the $3,350 resistance level. This recovery phase has seen ETH mitigating earlier losses, with potential upward momentum if it successfully surpasses the $3,550 resistance mark.
- Ethereum initiated a fresh upward movement above the $3,400 bracket.
- The price is currently trading above $3,450, maintaining a position over the 100-hourly Simple Moving Average.
- A bullish trend line is seen forming, offering support around the $3,455 mark on the hourly ETH/USD chart (data provided by Kraken).
- The pair is poised for a substantial increase should it overcome the $3,525 and $3,550 resistance barriers.
Ethereum Price Aims Higher
The Ethereum price has embarked on a promising ascent beyond the $3,320 level, mirroring Bitcoin’s upward trajectory. ETH has successfully broken through the $3,400 and $3,420 resistance levels, paving the way for further gains. The price even surpassed the $3,500 resistance but encountered bearish pressure just below the $3,550 threshold. A peak was recorded at $3,535, after which the price began consolidating its gains. A slight decline followed, with ETH dipping below the 23.6% Fibonacci retracement level, calculated from the $3,225 swing low to the $3,534 peak.
Currently, Ethereum maintains a trading position above $3,450, bolstered by the 100-hourly Simple Moving Average. A connecting bullish trend line provides support around $3,455 on the ETH/USD hourly chart. On the upside, the price is facing resistance near the $3,500 mark, with the first significant hurdle at the $3,525 level.
Key Resistance Levels
The primary resistance is now forming near the $3,550 level. A decisive breakthrough above this resistance could propel the price towards the $3,620 resistance zone. If this hurdle is cleared, we might witness further upward movement, potentially pushing Ether towards the $3,680 resistance or even reaching as high as $3,750.
Potential for Another Decline in ETH?
Should Ethereum struggle to break past the $3,550 resistance, a downward trend may ensue. Initial support on this decline is anticipated near the $3,455 mark, aligning with the trend line. The first major support is positioned around the $3,375 zone, coinciding with the 50% Fibonacci retracement level from the $3,225 low to the $3,534 high.
A clear descent below the $3,375 support could drive the price towards the $3,250 support level. Further losses may lead to a test of the $3,220 support area in the near future, with the next crucial support set at $3,110.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is showing a loss of momentum within the bullish territory.
Hourly RSI: The RSI for ETH/USD has dipped below the 50 level, indicating a potential shift in momentum.
Major Support Level: $3,425
Major Resistance Level: $3,550
“`
This revised content includes SEO-optimized headings and enriched content, providing a comprehensive analysis of Ethereum’s price trends. The HTML structure offers a clear hierarchy for better readability and search engine indexing.
