The Ethereum market has seen a recent uptick in activity, with prices finding support around the $3,400 mark. As a result, ETH has started to climb higher and may be gearing up for a push towards the $3,800 level.
- Following a fresh surge, Ethereum has broken through key resistance levels at $3,440 and $3,550.
- The current price is trading above $3,550 and the 100-hourly Simple Moving Average, indicating a bullish trend.
- A bullish trend line has formed with support at $3,620 on the hourly chart of ETH/USD, providing further confirmation of the upward momentum.
- If the price remains above the $3,600 zone, we could see a continuation of the upward trend in the near future.
Ethereum Price Forecast
Following a correction from its recent high of $3,880, Ethereum experienced a brief dip below $3,500 levels.
However, the price has since rebounded from the $3,369 support zone and is now on the rise. It has surpassed key resistance levels at $3,450 and $3,500.
With the price currently above $3,550 and the 100-hourly Simple Moving Average, there is optimism for further gains. The bullish trend line at $3,620 further supports this outlook.
Looking ahead, the price may encounter resistance around $3,720 and $3,750 levels. A break above these levels could pave the way for a move towards $3,880.
The $3,800 level represents a major resistance point, with a breakthrough potentially leading to further gains towards $4,000 or even $4,120 in the near future.
Potential Downside for ETH
If Ethereum struggles to surpass the $3,750 resistance, it could face a downward correction. Initial support is seen around $3,620, followed by a key support level at $3,600.
A break below $3,600 could see the price dropping towards $3,550 and $3,500 levels. Further losses may lead to a test of the $3,450 support level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing bullish momentum.
Hourly RSI – The RSI for ETH/USD is currently above the 50 level.
Major Support Level – $3,600
Major Resistance Level – $3,750