Ethereum has shown signs of a positive trend, breaking past the $3,350 resistance and initiating an upward trajectory. Currently, the cryptocurrency is experiencing a recovery from previous losses, trading above the $3,450 level and the 100-hour Simple Moving Average. A bullish trend line is visible on the hourly chart, with support situated at $3,455, indicating a potential base for further gains.
The move above the $3,400 and $3,420 resistance levels has been encouraging for Ethereum , reflecting a broader market momentum. After surpassing the significant $3,500 resistance, the price peaked at $3,535 before settling into a consolidation phase. Despite this minor retreat, Ethereum is still positioned above pivotal support levels.
On the upside, Ethereum faces challenges nearing the $3,500 level, with immediate resistance concentrated around $3,525. The critical resistance to watch for a more pronounced bullish momentum is at $3,550. Should Ethereum successfully breach this level, it could propel the price toward the next resistance zone around $3,620. A breakthrough above $3,620 may set the stage for additional upward movement, potentially reaching prices as high as $3,680 or even $3,750 in the subsequent sessions.
Conversely, if the price remains below the $3,550 resistance, it may trend downwards. Initial support is observed at $3,455, closely followed by the first key support near $3,375, which corresponds to the 50% Fibonacci retracement level of the recent rally. A decline below this level could lead Ethereum toward the $3,250 support level. Further weakness could push it down to $3,220, with the next significant support situated at $3,110.
Technical indicators suggest a cautious outlook, as the MACD for ETH/usd is losing upward momentum, and the Relative Strength Index (RSI) has dipped below the neutral zone, signaling potential volatility ahead.
