Ethereum price is attempting a fresh increase wave above the $3,400 zone. ETH must clear the $3,580 resistance to continue higher in the near term.
- Ethereum is holding gains above the $3,250 support zone.
- The price is trading above $3,400 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above the $3,500 resistance zone.
Ethereum price sets its sights on a new upswing.
Ethereum’s price demonstrated stability above the $3,250 support zone before initiating a fresh uptrend, similar to Bitcoin’s movement. The cryptocurrency surged past the $3,350 resistance level and continued its ascent above $3,400. Notably, it surpassed the 50% Fibonacci retracement level of the previous downward swing from $3,587 to $3,250.
Furthermore, Ethereum broke through a significant bearish trend line with resistance at $3,400 on its hourly chart against the US dollar (ETH/USD). Presently, Ethereum is trading above both $3,400 and the 100-hourly Simple Moving Average. Looking ahead, the immediate hurdle lies near the $3,500 mark. This level coincides with the 76.4% Fibonacci retracement level of the aforementioned downward swing from $3,587 to $3,250.
The initial significant resistance area is approximately at the $3,550 mark, followed by a crucial hurdle at $3,580. Surpassing this level could trigger a bullish surge in Ethereum’s price. In such a scenario, Ether may aim for the $3,720 level. Further advancement beyond this resistance could propel Ethereum towards the $3,880 mark. Subsequent gains may even prompt a test of the $4,000 threshold.
Is Ethereum Set for Another Decrease?
Should Ethereum fail to surpass the $3,500 resistance barrier, it could initiate another downtrend. Initial support is anticipated around the $3,400 level.
The primary support level lies near the $3,250 zone, with subsequent significant support potentially emerging around the $3,060 area. A decisive breach below $3,060 could drive the price towards $3,000, with further declines possibly targeting the $2,880 level.
Technical indicators suggest a bullish trend, with the hourly MACD gaining momentum in the bullish zone and the hourly RSI currently above the 50 level.
Key Levels to Watch:
- Major Support: $3,400
- Major Resistance: $3,580