Ethereum continues its recovery journey by steadily climbing above $3,400 mark. While currently consolidating, ETH appears poised for an opportunity to break out past the crucial $3,500 resistance level.
Key Highlights:
- Ethereum has shown incredible resilience, rising back above $3,450 during its latest recovery wave.
- This figure is supported by its 100-hour Simple Moving Average, and a bullish trend line appears near $3,420 on the ETH/USD hourly chart (data via Kraken).
- Breaking through the $3,500 resistance could pave the way for further bullish action.
- Ethereum Sees Slow Progress Toward $3,500
Ethereum has maintained stability above the $3,320 support level, tracking Bitcoin’s recent climb upwards. This allowed it to clear both resistance zones at $3.350 and $3.420 and pave the way for further recovery.
Bulls successfully pushed Ethereum prices past its $3,450 resistance point and reached a high of $3,502. Since then, ETH has been consolidating around this level, with minor dips around its 23.6% Fibonacci retracement from $3,310 low to $3,502 high periodically observed.
Ethereum remains well-supported above $3,400 due to the 100-hour Simple Moving Average and a supporting bullish trend line at $3,420.
On the upside, immediate resistance lies near $3,480 with key resistance at around $3,500. A break of this level would likely prompt Ethereum to reach an intermediate goal of $3,550 or perhaps beyond this to test $3650 before breaking out further towards $3780 or beyond.
Potential Downside Risks
However, if Ethereum cannot break through the $3,500 resistance, it could experience another pullback. Initial support lies at $3.420 aligned with its trend line while significant support can be found at $3,400, where 50% Fibonacci retracement of its move from $3.310 to $3.502 occurs.
An initial break below $3,400 could take Ethereum down toward $3,350; should bearish momentum remain strong, this price could eventually fall even lower toward $3.280 or $3.220 in the short term.
Technical Indicators: Hourly MACD remains bullish and momentum remains strong with MACD showing gains. Hourly RSI remains above 50, signaling positive sentiment. Major Support Levels include $3,400 followed by $3,350
Major Resistance Levels:
$3,500 with potential targets between $3,550 and $3,650. Ethereum has seen steady recovery and bullish setup which suggests further gains may come if critical resistance levels can be passed by traders – specifically around $3.550 zone that may help guide ETH in its next move.
