Ethereum ’s price has shown signs of recovery, rising above the $3,240 threshold. Currently, ETH is grappling with resistance at the $3,480 level, which could significantly influence its further trajectory.
Starting from a low of $3,150, Ethereum ’s recovery gained momentum as it surpassed several key resistance levels, including $3,180 and $3,240. As the price ascended, it also broke above a contracting triangle pattern, indicating bullish sentiment in the market. Following this upward movement, ETH not only reached the $3,350 and $3,400 levels but also tested the resistance near $3,480, where it registered a peak of $3,473 before entering a phase of consolidation.
Currently, the price is maintaining above the critical $3,300 level and the 100-hourly Simple Moving Average, despite a small retracement below the 23.6% Fibonacci retracement level, linked to the previous upward movement from the recent low. Ethereum is encountering obstacles near the $3,450 level, with major resistance continuing to build at $3,480. If it can break through the $3,500 barrier, the price may rally further towards the $3,550 level.
Should Ethereum manage to sustain an upward trend, exceeding the $3,550 resistance could invite additional gains, potentially pushing the price towards the $3,650 and even $3,720 ranges in the near future.
Conversely, failure to breach the $3,480 resistance could lead to a downward correction. Initial support can be found around $3,350, while significant support levels lie at $3,280, corresponding to the 50% Fibonacci retracement of the earlier upward movement. A decline below the $3,280 level might result in further losses, targeting the $3,240 area and possibly testing the $3,120 or $3,050 levels.
Technical indicators are suggesting a potential decrease in bullish momentum, with the MACD losing traction in the positive zone, while the RSI remains above 50, indicating prevailing bullish conditions.
