Ethereum’s price continues its upward trajectory, surpassing $3,650 and signaling potential further gains. At present, its value has stabilized around $3,700 as bulls prepare for another push toward $3,750 or beyond.
Ethereum Shows Bullish Signs
Ethereum has maintained stability above the $3,550 support zone, positioning itself for a similar recovery as seen with Bitcoin recently. Ethereum recently breached both resistance levels at $3.620 and $3.650, with strong buyer interest demonstrated by its ease in breaking through both levels.
Ethereum price had reached $3,742 before entering a consolidation phase and briefly retracing to test the 23.6% Fibonacci Retracement Level from its rise from $3,593 to $3,742, before remaining well supported above $3,660.
Ethereum (ETH) is trading above $3,660 and its 100-hourly Simple Moving Average. Furthermore, a bullish trend line is emerging around this price, aligning closely with the 50% Fibonacci retracement levels of its recent surge.
On the upside, Ethereum faces resistance around $3,710 with $3.750 as an immediate barrier. Breaking above this level would open up more potential gains with another major resistance level emerging at around $3.780.
An unexpected rise above $3,780 could drive Ethereum’s price up to $3.850; an extended rally may push it closer to $3.920 or even $4,000.
Potential Downside Risks Should Ethereum not break through its $3,750 resistance, we could see another pullback. Initial support lies near $3.660 with trend line providing additional protection. Below this threshold lies $3.620 as key support area to monitor.
An unexpected drop below $3,620 would likely set off further decreases, with Ethereum possibly reaching $3.550 or even $3,500 before finding its next significant support level of $3,420 if bearish momentum intensifies further.
Technical Indicators
- Hourly MACD: Building momentum in the bullish zone.
- Hourly Relative Strength Index (RSI): Remaining above 50 and showing bullish strength, signaling continued strength for bulls.
- Key Support Levels: $3,660, $3,620 and $3,550.
- Key Resistance Levels: $3,750, $3,780 and $3,850.
Ethereum has seen strong buyer demand recently, yet overtaking the $3,750 resistance will be key in driving further bullish momentum. Traders will closely be watching as Ethereum attempts to break new ground.
