As the Ethereum price continues to show positive momentum above the $3,550 zone, there is a possibility of bullish movements in the near future. The current trading scenario suggests that ETH could gain further strength if it successfully breaks the $3,650 resistance barrier.
Analyzing the hourly chart of ETH/USD, it can be observed that Ethereum has formed a base and initiated a fresh uptrend above the $3,600 resistance level. Despite facing resistance at $3,650 and $3,680, the price managed to reach a high near $3,654 before consolidating its gains.
On the downside, initial support is seen near $3,600, followed by a major support zone around $3,575. A significant support level is at $3,550, which also aligns with a key bullish trend line on the chart. A break below $3,550 could potentially push the price towards $3,440, with further losses leading to the $3,320 level.
Looking at the upside potential, immediate resistance lies near $3,630, with a major hurdle at the $3,650 level. Breaking above $3,650 could pave the way for a bullish rally towards $3,800, followed by the $3,880 resistance. Further gains might even lead Ethereum towards the psychological level of $4,000.
On the technical front, the hourly MACD for ETH/USD is showing signs of losing momentum in the bullish zone. However, the hourly RSI is currently above the 50 level, indicating a positive sentiment among traders.
It is important to note that the information provided in this article is for educational purposes only. It does not reflect the opinions of any specific entity regarding investment decisions. As with any form of investing, there are inherent risks involved, and individuals are encouraged to conduct their own research before making any financial decisions. Using the information provided in this article is at your own risk.
