Recently, Ethereum has seen a resurgence in price movement, starting from a support zone of $3,350. In comparison to Bitcoin, ETH has been performing exceptionally well and is now poised to break through the $3,650 resistance level.
ETH has gained momentum from the critical $3,365 support level and is currently trading above $3,450, along with the 100-hourly Simple Moving Average. A significant development was the break above a bearish trend line with resistance near $3,460 on the hourly ETH/USD chart. This breakthrough signals a potential upward trend for Ethereum.
The hourly MACD for ETH/USD is showing a bullish momentum, indicating a positive outlook for Ethereum’s price movement. Additionally, the hourly RSI for ETH/USD has crossed above the 50 zone, further supporting the upward trend.
Looking ahead, Ethereum may face resistance near the $3,580 level or the 76.4% Fib retracement level from the $3,650 swing high to the $3,350 low. The primary resistance is anticipated around the $3,650 level, with potential further resistance at $3,720 and $3,750. If ETH manages to break through these levels, it could surge towards the $3,880 and $4,000 resistance zones in the coming days.
Conversely, if Ethereum fails to surpass the $3,580 resistance, it could experience a downward correction. Initial support is expected near $3,500, followed by a more substantial support level at $3,450. A clear break below $3,450 might lead the price towards $3,350 and potentially even $3,220 in the short term.
Ethereum’s recent price movements indicate a positive trend, with the potential for further gains if it manages to break through key resistance levels. However, a failure to do so could result in a downward correction. Investors and traders should closely monitor ETH’s price action in the coming days to make informed decisions based on the evolving market dynamics.
