Ethereum ’s price remains solidly positioned above the $3,220 level, indicating a stable consolidation phase. With upward momentum gathering strength, ETH is now eyeing a potential ascent past the critical resistance level at $3,400.
After securing a foothold above the support zone at $3,250, Ethereum has embarked on a fresh upswing, even as Bitcoin experiences a slight correction. Currently, the price is trading above the $3,350 level and has successfully navigated past the 100-hourly Simple Moving Average. This movement is characterized by a breakout above a bearish trend line that previously capped gains at $3,320. With the current positioning, Ethereum could rally if it decisively breaks through the $3,400 barrier.
The market dynamics indicate that Ethereum ’s price trajectory is facing challenges around the $3,400 level, particularly as it approaches the 50% Fibonacci retracement of the recent downturn from a high of $3,545 to a low at $3,254. Should ETH manage to surpass the $3,400 resistance, the next significant hurdle lies around $3,450, and sustained momentum could propel the price toward the $3,500 milestone. A successful break above this level could open avenues for further upward movement, potentially targeting the $3,680 range or even reaching as high as $3,750 in the subsequent sessions.
Conversely, should Ethereum not clear the $3,400 resistance, the price may be positioned for a downward correction. Initial support is significant around the $3,300 level, while the primary support zone is situated at $3,250. A decisive move below this threshold could place Ethereum at risk of declining to $3,150 or even $3,050 in the short term, with major support extending down to $3,000.
Overall, technical indicators currently show Ethereum gaining bullish momentum, with both MACD and RSI reflecting positive sentiment in the market.
