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Cryptocurrency markets are witnessing a ripple effect as the Bitcoin price increase also boosts other digital currencies. In this context, Ethereum (ETH) investors are experiencing promising developments. Ethereum‘s price has shown an increase of over 10% following a recovery wave that started from the $3,050 region, and it is now struggling to overcome the $3,550 resistance area.
Ethereum Bulls Return
Ethereum had joined the downward trend seen in many cryptocurrencies like Bitcoin, falling below the $3,350 level. However, ETH gained upward momentum after testing the critical support level of $3,050, thanks to a strong comeback by the bulls.
Currently, the Ethereum price is trading above the $3,400 level and is also above the 100-hour Simple Moving Average. This could provide a positive outlook for the near term and increase the potential for the price to continue its upward trend.
Critical Resistances Ahead for ETH
Technical analysis shows that on the hourly chart of the ETH/USD pair, there has been a breakout above a significant bearish trend line with resistance near $3,400. However, the biggest hurdle ahead for the price is the $3,550 level. A sustained close above this level could strengthen Ethereum’s uptrend and help it gain more momentum.
In the developing situation, it seems likely that ETH could move towards the $3,820 level. Moreover, a move above this level could mean Ethereum is on its way to the $4,000 resistance.
If ETH Experiences Another Dip!
At first glance, the initial support on the downside is near the $3,380 level. However, a break below this level could lead to ETH retreating towards the $3,320 region. The real concern would be a move below the key support area of $3,220. Such a decline could pull prices down to the $3,150 level, and further losses could extend to $3,050.
Looking at the technical indicators, the hourly MACD for the ETH/USD pair is losing momentum in the bullish zone. This could indicate that prices might drop further. However, the hourly RSI is currently above the 50 level, suggesting that some buying could continue.
To identify key levels, the main support is at the $3,380 level, but the main resistance is at a critical point of $3,550.
