Cryptocurrency markets are experiencing another period of volatility. Ethereum (ETH) seems determined to maintain its recent gains. If ETH sustains above $3,500 and overcomes the $3,680 resistance zone, it could gain significant upward momentum. But can Ethereum surpass this critical resistance level?
Ethereum to Challenge Key Resistance
According to the latest data, Ethereum tested the $3,450 level and is now trading at higher levels. Its movement above the $3,500 level is supported by the 100-hour Simple Moving Average. Notably, on the hourly chart of the ETH/USD pair, there was a breakout above a significant declining trend line at the $3,540 resistance.
However, the recent increases in Ethereum’s price are not surprising. Even though there was a brief correction below the $3,550 level, the bulls quickly took action. The movement above the resistance zone of $3,520 contributed to the price’s momentum, potentially paving the way toward the $3,680 resistance zone.
Ethereum’s current position shows it trading above $3,520 and the 100-hour Simple Moving Average. However, there are still some hurdles for an upward movement. The immediate resistance is near the $3,600 level, while the more significant barrier at the $3,630 level should be closely watched.
Yet, the real test for Ethereum seems to be starting at the $3,680 resistance zone. Overcoming this level could trigger a more substantial upward momentum for ETH. Of course, if this scenario materializes, we could see Ethereum climb towards the $4,000 levels.
Support Levels for Ethereum in Case of a Decline
If Ethereum experiences a decline, the first support level will be around $3,480. A strong break below this level could lead to a move towards the critical support level of $3,450. A sustained drop below this level could see Ethereum’s price retreat to $3,325. Further losses could push it towards the $3,250 level.
Looking at the technical indicators, the hourly MACD for ETH/USD is losing momentum in its bullish trend, but the hourly RSI is currently above the 50 level. This suggests that the price could follow an uncertain trajectory in the short term.
The main support level is set at $3,450, while the main resistance level is seen at $3,680. Ethereum’s near-term price movements seem to be contingent on the breach of these levels.
