Ethereum is currently in the midst of a recovery phase, having rebounded from the $3,320 level. The cryptocurrency has shown positive momentum, with an aim to breach the resistance level at $3,450. Following this upward trend, Ethereum ’s price has surged above the $3,350 area, indicating the potential for further gains.
Trading data reveals that Ethereum is now positioned above $3,365 and surpasses the 100-hourly Simple Moving Average, signifying a bullish trend. The price action also included a breakout from a declining channel, which had previously capped movement at $3,350. The recent momentum has seen Ethereum navigate through key resistance points, such as the 50% Fibonacci retracement level from its decline, further solidifying its upward trajectory.
Currently, the price faces some challenges near the $3,400 level, which coincides with the 76.4% Fibonacci retracement level of its recent drop. The immediate resistance zone is identified around $3,420, while the primary resistance is at the $3,450 level. A decisive movement above this last barrier could potentially escalate Ethereum ’s price toward the $3,550 level, and if that resistance is also overcome, the cryptocurrency may reach as high as $3,650 or even $3,720 in the forthcoming sessions.
Conversely, should Ethereum struggle to surpass the $3,400 resistance, it may initiate a downward trend. The immediate support lies around $3,360, with subsequent critical levels at $3,320 and $3,250. A drop below $3,320 could trigger further declines, potentially bringing the price down towards $3,200 and, eventually, $3,120.
In terms of technical indicators, bullish momentum is reflected in the MACD and the RSI, both indicating a strong buying sentiment in the market. As Ethereum navigates this volatile landscape, traders remain watchful of these significant support and resistance levels.
