- Ethereum’s price is seeing positive momentum, with a notable rise from its $3,350 support zone.
- It is gaining strength, outperforming Bitcoin, and aiming for the $3,650 resistance level.
- A key technical breakout above the $3,460 resistance has further solidified its upward trajectory.
Ethereum’s price shows significant promise, surging past critical resistance levels and outperforming Bitcoin. Will it reach the next key target of $3,650?
Ethereum Price Overview: Holding Steady Gains
Ethereum’s price has demonstrated resilience, maintaining its strength above the $3,350 support zone. This positive momentum allowed ETH to form a base and initiate a fresh uptrend, catalyzed by a recent double-bottom pattern around $3,350, showing robust performance against Bitcoin.
The cryptocurrency successfully broke the $3,450 resistance level. This move included a clear break above the 50% Fibonacci retracement level, which charted the descent from the $3,650 high to the $3,350 low. Additionally, there was a breakout above a crucial bearish trend line with substantial resistance near $3,460.
Currently, Ethereum trades above the $3,450 mark and the 100-hourly Simple Moving Average. Signs point towards continued bullish behavior with potential gains surpassing $3,535. Immediate resistance on the upside can be seen near the $3,580 level, aligning with the 76.4% Fibonacci retracement level of the recent downward move.
Potential Resistance Levels: What to Expect Next
The primary resistance Ethereum faces is positioned around $3,650. Should the asset achieve an upside breakthrough, it may pave the way for a higher surge. The subsequent significant resistance is noted at $3,720, beyond which ETH could potentially ascend to the $3,750 level.
A successful push past the $3,750 resistance could drive Ethereum towards the $3,880 mark. Sustained momentum might even breach the $4,000 threshold in the upcoming days, marking a significant milestone.
Risk of a Downturn: What Could Go Wrong?
However, the road isn’t free of obstacles. If Ethereum fails to breach the $3,580 resistance, a downward correction might be in the cards. The initial support level to watch is around $3,500, with a more critical support at $3,450.
A decisive drop below the $3,450 support could lead the price towards the $3,350 zone. Further losses could escalate the decline, potentially driving ETH down to the $3,220 level.
Technical Insights
The hourly MACD for ETH/USD is gaining bullish momentum, signaling positive sentiment. Meanwhile, the hourly RSI for ETH/USD is comfortably above the 50 zone, reflecting the strengthening market conditions.
Key support levels to monitor include $3,450 and $3,350, while major resistance levels stand at $3,580 and $3,650.
Conclusion
Ethereum’s price action indicates substantial bullish potential, maintaining key support levels and breaking significant resistance barriers. With the current momentum, the outlook suggests a possible rise toward $3,750 and beyond. However, traders should remain vigilant about potential pullbacks, especially if ETH fails to overcome the immediate $3,580 resistance level.
