Ethereum price is continuing to hold above the $3,500 zone, indicating potential bullish momentum. Clearing the $3,680 resistance could further bolster ETH in the short term.
After retesting $3,450, Ethereum is on an upward trajectory.
Currently, the price is above $3,500 and the 100-hourly Simple Moving Average.
A significant breakout occurred above a key bearish trend line with resistance at $3,540 on the hourly chart of ETH/USD (data feed via Kraken).
If Ethereum manages to stabilize above the $3,680 resistance zone, it could experience increased bullish momentum.
Ethereum Price Outlook
Ethereum faced a minor correction below the $3,550 level before retracing to $3,450, mirroring Bitcoin’s behavior. After bottoming near $3,459, the price has rebounded.
The $3,520 resistance zone was breached as the bulls propelled the price above the 50% Fib retracement level of the downward movement from the $3,680 peak to the $3,459 low. Additionally, a key bearish trend line was surpassed with resistance at $3,540 on the ETH/USD hourly chart.
Currently, Ethereum is trading above $3,520 and the 100-hourly Simple Moving Average. The immediate hurdle sits near $3,600, followed by a major resistance at $3,630. This level aligns with the 76.4% Fib retracement level from the $3,680 peak to the $3,459 low.
Source: ETHUSD on TradingView.com
The next critical resistance level is at $3,680. Surpassing this level could trigger a bullish surge towards $3,800, with a possibility of Ethereum reaching $3,920. Further upside momentum might even lead to a test of $4,000.
Potential Downward Movement
A failure to breach the $3,630 resistance may result in a downward trend for Ethereum. Initial support lies at $3,540.
The primary support zone is at $3,480, followed by a key level at $3,450. A definitive drop below $3,450 could push the price towards $3,325, and a continued decline might target $3,250.
Technical Analysis Indicators
Hourly MACD – The MACD for ETH/USD is showing signs of weakening in the bullish region.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $3,450
Major Resistance Level – $3,680
Disclaimer: This article is for informational purposes only. It does not reflect NewsBTC’s stance on investment decisions. Investing involves risks, so it is recommended to conduct thorough research before making any financial decisions. Use the information provided here at your own discretion.
