Ethereum has embarked on a recovery journey, successfully surpassing the $3,250 level. The cryptocurrency is currently trading above the $3,300 level, showing signs of stability and potential for further gains, particularly with an aim to breach the $3,480 resistance threshold.
Following a marked upward movement initiated at the $3,240 level, Ethereum cleared significant resistance levels, including $3,300 and $3,320, and has since entered a favorable short-term zone. The price peaked at approximately $3,473 before experiencing a slight correction, crossing below the 23.6% Fibonacci retracement level derived from the prior low of $2,912 to the recent high.
As it stands, Ethereum is trading above the critical $3,280 level and maintains position above its 100-hourly Simple Moving Average. The upward trajectory has been supported by a break above the bearish trend line at $3,320. Nevertheless, the price faces challenges in the vicinity of the $3,400 resistance level, with the next significant hurdle around $3,420 and a crucial resistance forming at $3,480. Successfully clearing this level could potentially propel Ethereum towards the $3,550 level.
Should Ethereum manage to surpass the $3,550 resistance, it may signal an opportunity for further gains, pushing the price anywhere between $3,650 to $3,720 in the near future. Conversely, if Ethereum cannot break through the $3,400 resistance, it may encounter a downward trend. Initial support is identified around the $3,280 level, with stronger support levels located at $3,200 and $3,120. A significant drop below $3,200 might lead to further declines towards $3,050 or even $3,000.
Overall, the technical indicators reflect a bullish sentiment, showcasing a positive momentum momentum in the MACD and an RSI that remains above the neutral level of 50.