Ethereum has shown resilient support above the $3,250 level, initiating a fresh upward movement that has seen its value clear the $3,550 resistance threshold. Following this recent surge, the cryptocurrency is currently trading above $3,500, supported by the 100-hour Simple Moving Average.
A positive shift in Ethereum ’s trajectory became evident as it broke through the bearish trend line, which had previously posed resistance at $3,375. This bullish momentum allowed ETH to accelerate beyond significant resistance levels of $3,350 and $3,400. With gains nearing 10%, Ethereum reached a high of approximately $3,688 before entering a phase of slight correction, trading close to $3,650 at present.
Despite this recent pullback, Ethereum remains above the critical $3,550 level, as well as the 23.6% Fibonacci retracement of its upward movement from the recent low of $3,254 to the peak at $3,688. However, the price currently encounters hurdles around the $3,650 level, with nearby major resistance identified at $3,685 and further solid resistance forming at $3,720.
A successful breakout above the $3,720 resistance could propel Ethereum ’s price towards $3,840. Should this level also be overcome, Ether may have the potential to rise as high as the $3,950 area and possibly approach the psychologically significant $4,000 level.
Conversely, if Ethereum struggles to surpass the $3,685 resistance, the cryptocurrency could face downward pressure. The initial support is located around $3,585, followed closely by the crucial $3,550 level. A decisive move below $3,550 would likely see the price retreat towards the 50% Fibonacci retracement level at around $3,470, and further losses could bring it down to $3,350 or even the pivotal support at $3,250.
In terms of technical indicators, the MACD for ETH/usd is exhibiting bullish momentum, while the Relative Strength Index remains above the neutral 50 level.
