Ethereum ’s price has experienced a notable uptrend, surpassing the $3,400 level and showing potential for further increases. Currently, the digital asset is trading above this critical level and has successfully remained above the 100-hour Simple Moving Average, indicating a healthy bullish momentum.
After starting its rally above $3,320, Ethereum managed to push past significant resistance levels at $3,420 and $3,450, even reaching a peak of $3,545. Following this high, there was a slight correction, causing the price to dip below $3,500 and the 50% Fibonacci retracement level from the recent low of $3,289. Yet, there remains strong buy support around the $3,400 region, reinforced by a key bullish trend line on the hourly chart, which also aligns closely with the 61.8% Fibonacci retracement level.
As it stands, Ethereum is trading comfortably above $3,420, with the next major resistance levels forming near $3,500 and $3,550. If the price successfully breaks through the $3,550 ceiling, it could launch toward the $3,650 resistance level and possibly extend gains toward $3,720 or even $3,880 in the near future.
Conversely, if Ethereum struggles to breach the $3,500 resistance, it could trigger a corrective decline. Initial support is positioned around $3,420, with further assurance found at the $3,400 level corresponding to the bullish trend line. A breach below this support could see prices drop toward $3,350 and potentially as low as $3,285, with the $3,220 level serving as the next major support point to watch.
Technical indicators are reflecting a bullish sentiment, with momentum indicators showing positive trends. In summary, Ethereum ’s current position suggests that it could either continue its upward trajectory or face challenges if resistance levels hold firm.
