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Ethereum (ETH) is exhibiting a consistent increase above the $3,550 resistance zone, fostering a positive sentiment among investors. Currently, Ethereum is trading above $3,550 and the 100-hour Simple Moving Average. A strong upward trend is observed in the ETH/USD pair, supported by the $3,590 level. This indicates that Ethereum, a leading altcoin, has the potential for further increases in the near term.
A Critical Resistance Level for Ethereum
Altcoin ETH faces a significant resistance: the $3,680 level. For Ethereum’s price to continue rising and reach higher levels, it must overcome this resistance. Recently, Ethereum has managed to climb above the $3,580 level, with support from other cryptocurrencies like Bitcoin.
However, we witness minor corrections before the price surpasses the $3,680 resistance zone. These corrections can contribute to a healthy market consolidation and the formation of a stronger upward trend.
The first major resistance level for ETH/USD is currently around $3,640. Yet, the true critical resistance is encountered at the $3,680 level. If Ethereum overcomes this resistance, targeting the $3,720 level becomes likely. And if this upward momentum continues, Ethereum could swiftly rise towards the $3,800 resistance level.
What Are the Downward Risks for Altcoin ETH?
Altcoin ETH could enter a new downtrend if it fails to breach the $3,640 resistance. The first support at the $3,590 level and proximity to the trend line reinforce this downward tendency. Technical analysis shows the first major support around $3,550.
However, the more significant support zone at $3,500 or the 50% Fib retracement level of the upward move from $3,302 to $3,680 should also be considered. A drop below the $3,500 support could steer the leading altcoin Ethereum towards $3,390, and further losses could pull the price down to the $3,250 level.
According to indicators, the hourly MACD for ETH/USD is losing momentum, while the hourly RSI is currently above the 50 level. These indicators suggest that fluctuations in the price may continue. At the time of writing this article, Ethereum’s price is trading at the $2,602 level.
