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Cryptocurrency market’s significant player, Ethereum (ETH), has been showcasing an exciting recovery in the markets recently. Especially after breaking above the $3,500 resistance level, it is anticipated that ETH could maintain its upward trend in the near term. However, uncertainties about the direction of the price continue.
Ethereum Bulls Secure Control
The recovery wave that started above the $3,350 region indicates that Ethereum has found solid ground. Trading above $3,450 and the 100-hour Simple Moving Average suggests that the bulls have taken control.
Turning our eyes to the hourly chart, we see a breakout above a short-term bullish flag pattern at the $3,480 resistance. This situation indicates that Ethereum could climb higher if it surpasses the $3,580 resistance.
Support and Resistance Levels
Just as every rise needs support, it is critical for Ethereum to maintain its supports firmly. Currently, the $3,500 level is emerging as a significant support. However, a more solid foundation requires maintaining the $3,350 – $3,250 range.
In upward movements, we may encounter a sudden resistance around $3,550. However, the real test seems to begin once the $3,580 resistance is breached. Passing this level could mean Ethereum gains momentum and climbs towards $3,670.
Of course, we must not forget that the $3,800 resistance will play a critical role as we move towards larger targets. Surpassing this level could lead Ethereum towards the $4,000 resistance. However, before reaching these targets, a test at the $4,080 level may be necessary.
What Levels to Watch if ETH Declines?
ETH, if unable to surpass the $3,580 level, could enter a new downtrend. Analysts predict that the price could find support around $3,410 in the short term.
Levels such as the $3,320 region or the 50% Fibonacci retracement level of the recent recovery wave ranging from $3,059 to $3,587 are shown as the first major support points for Ethereum in case of potential declines. A move below these levels could pull the price down to $3,060 and even further losses could lead to a move towards the $3,000 level.
Technical indicators show that Ethereum’s hourly MACD is gaining momentum in the bullish zone and the hourly RSI is currently above the 50 level. However, it is not clear how this situation will affect the price direction.
