Ethereum price experienced a downside correction after reaching the $3,500 resistance level. Following this correction, the price dropped below $3,440 and is currently struggling to maintain momentum above $3,380. Despite the recent dip, Ethereum is still trading above the $3,500 zone.
There is a connecting bullish trend line with support at $3,450 on the hourly chart of ETH/USD. The price of Ethereum is above $3,520 and the 100-hourly Simple Moving Average, indicating a potential for further upward movement. If Ethereum is able to break above the $3,565 resistance zone, it could continue its upward trajectory.
Despite Ethereum’s bullish trend, it faces resistance near the $3,550 level, with major hurdles at $3,580 and $3,650. A breakthrough above $3,650 could propel the price towards the $3,700 and $3,720 resistance levels. On the contrary, failure to surpass the $3,550 resistance may trigger a downside correction.
In the event of a downside correction, initial support is expected near $3,500, followed by the $3,470 zone and the 100-hourly Simple Moving Average. Further decline could push the price towards $3,440 and potentially the $3,350 support level. The next significant support level is at $3,320.
Technical Indicators
The hourly MACD for ETH/USD indicates a loss of momentum in the bullish zone, while the hourly RSI is currently above the 50 zone. These technical indicators suggest a potential shift in momentum for Ethereum price movement.
Ethereum’s price movement is characterized by a potential upside continuation if key resistance levels are breached. However, failure to surpass these levels could lead to a downside correction towards major support levels. Traders and investors should closely monitor the price action and technical indicators to gauge the future direction of Ethereum’s price movement.
