Ethereum ’s price has shown resilience, maintaining stability above the $3,500 level. Currently, it is in a consolidating phase and could be gearing up for an ascent beyond the $3,750 resistance level.
After reaching a high near $3,880, Ethereum faced a corrective phase, dipping below the $3,750 and $3,780 support lines. The cryptocurrency even fell below the $3,550 levels, marking a significant low at $3,488. Since then, Ethereum has shown signs of recovery, bouncing back to trade above the $3,600 range and testing the crucial 50% Fibonacci retracement level from its recent high down to the low.
Despite this recovery, bearish sentiment continues to loom, particularly beneath the $3,800 level, which is compounded by the presence of a bearish trend line, indicating resistance around $3,740. The hurdles persist as Ethereum attempts to surpass the $3,750 resistance, while the 100-hour Simple Moving Average remains a significant barrier to upward movement.
The primary resistance level is identified around $3,880. A successful breakout above this point could propel Ethereum towards the $4,000 level. Should it manage to breach this level, further gains might be seen, potentially targeting the $4,150 or even $4,220 levels.
Conversely, if Ethereum struggles to overcome the $3,750 resistance, it could face renewed downward pressure. Key support levels to watch on the downside include the $3,600 level, with more significant support at $3,550. A drop below the latter could prompt a decline towards $3,500, and further losses could push the price toward $3,420 or lower, potentially reaching the next key support at $3,350. The current technical indicators suggest a weakening momentum in the bearish zone, highlighting a critical period for Ethereum as it navigates these levels.
