Ethereum’s price is currently making an effort to surpass the $3,450 resistance zone, indicating a potential increase. For ETH to continue on its upward trajectory, it must successfully surpass the $3,550 mark in the near term.
Key Points:
– Ethereum has shown gradual upward movement above the $3,450 level.
– The price of ETH is currently trading above $3,450 and the 100-hourly Simple Moving Average.
– A significant development was the break above a crucial bearish trend line with resistance around $3,415 on the hourly chart of ETH/USD.
– To sustain its upward momentum, ETH needs to breach the $3,520 and $3,550 resistance levels.
Ethereum Price Analysis:
The Ethereum price has commenced a decent recovery phase above $3,400, surpassing the $3,420 level and entering a short-term positive zone similar to Bitcoin’s recent performance.
Key Insights:
– A bullish trend was confirmed by breaking above the resistance level near $3,415 on the hourly ETH/USD chart.
– Upon surpassing the $3,500 resistance zone, ETH reached a high of $3,516 before consolidating its gains.
– Despite a brief drop below $3,500, the price retained its position above the 23.6% Fib retracement level, showing resilience in the upward movement.
Technical Analysis:
– ETH is currently trading above $3,450 and the 100-hourly Simple Moving Average, indicating a favorable price action and potential for further upward movement.
– Resistance levels to watch include $3,500, $3,520, and the crucial level at $3,550, which could propel ETH towards $3,650 and beyond.
Support and Resistance Levels:
– Initial support lies near $3,480, followed by a stronger support zone around $3,440.
– In case of a downward correction, the price may test key levels at $3,420, $3,350, and potentially $3,320.
Conclusion:
With Ethereum showing signs of a bullish trend and key resistance levels to overcome, traders and investors should closely monitor the price action around $3,550 for potential breakout opportunities. Technical indicators like MACD and RSI suggest a positive outlook for ETH/USD trading pair.
