Ethereum ’s price is experiencing a notable uptrend, trading above the $3,600 level and showcasing bullish potential as it eyes a breakthrough past the $3,800 resistance level.
Starting from the $3,550 region, Ethereum has initiated a significant upward movement. Currently, the price is positioned above both the $3,550 level and the 100-hourly Simple Moving Average, providing a strong foundation for further gains. A bullish trend line is forming, offering support at $3,700 on the hourly chart for the ETH/usd pair. A decisive move above the $3,750 level could trigger a resumption of the upward trajectory.
The recent rally, which aligns with trends observed in Bitcoin , has seen Ethereum maintain its support above the $3,350 level, enabling it to surpass resistance zones at $3,450 and $3,550. Following a surge past $3,700, the price reached a peak of $3,748 before entering a consolidation phase. A minor correction below $3,720 has allowed Ethereum to test the 23.6% Fibonacci retracement level stemming from the recent low of $3,572 to the high of $3,748.
Looking ahead, Ethereum ’s price faces resistance near the $3,740 region, with substantial resistance identified at $3,750 and further up at $3,800. Should the price advance beyond the $3,800 level, it may target the $3,880 resistance level. If momentum persists, potential gains could push Ethereum closer to the $3,940 level, or even reach $4,000.
Conversely, if Ethereum struggles to breach the $3,750 resistance, a downward correction may occur. Initial support is positioned at $3,700, with the next significant support resting around $3,675. A decline beneath this level could lead to a test of the 61.8% Fibonacci retracement at approximately $3,640, potentially extending losses towards the $3,570 level, while the critical support lies at $3,550.
Technical indicators suggest that while the hourly MACD is showing diminishing bullish momentum, the Relative Strength Index (RSI) remains above the neutral 50 level, indicating ongoing positive sentiment.
