Ethereum price has recently faced a significant decline, testing the $3,400 support zone. However, the price has shown signs of recovery, trading above $3,500 and the 100-hourly Simple Moving Average. The recent price action indicates a potential bullish momentum if ETH can stay above the $3,500 support zone.
In order to continue higher in the near term, Ethereum must clear the $3,600 resistance level. Immediate resistance is also seen near the $3,650 level, with key resistance levels at $3,725 and $3,800. If ETH manages to break above $3,880, it could even rise toward the $4,000 resistance. On the downside, initial support is near $3,520, followed by major support at $3,500 and $3,400. A clear move below $3,400 might lead to further losses toward $3,320 and $3,240.
The Hourly MACD for ETH/USD is currently gaining momentum in the bullish zone, indicating a potential upward movement in the price. The Hourly RSI is also above the 50 level, further supporting the bullish case for Ethereum. Based on the current technical indicators, Ethereum could potentially rise towards the $3,880 and $4,000 resistance levels if it maintains its bullish momentum.
It is important to note that the information provided in this article is for educational purposes only and does not represent the opinions of any specific entity. Investing in cryptocurrencies carries inherent risks, and it is crucial to conduct thorough research before making any investment decisions. Readers are advised to use the information provided in this article at their own risk.
The future of Ethereum price remains uncertain, with both bullish and bearish indicators at play. While there is a potential for a price increase towards key resistance levels, investors should be cautious and closely monitor the market trends.ETH/USD on TradingView.com