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Cryptocurrency Ethereum has been successful in drawing attention with its strong recent performance. While Ethereum‘s price is gaining momentum above the $3,600 resistance area, investors are opening the door to new rallies. According to the latest data, if Ethereum’s price surpasses the $3,725 resistance area, this upward trend could expand even further. However, there are important points to consider at this stage.
What Levels Should Be Watched in Ethereum’s Price?
Firstly, it is observed that Ethereum aims for further gains above the $3,725 and $3,740 levels. These levels are critical for the price to maintain its momentum. Moreover, the fact that the price is trading above $3,650 and the 100-hour Simple Moving Average should not be overlooked. This situation indicates that Ethereum’s current upward trend is continuing strongly.
Looking at the chart analysis, we see an ascending trend line formed with the support at $3,480 on the 4-hour chart of the ETH/USD pair. This is emerging as an important indicator supporting the current direction of Ethereum.
However, certain levels need to be exceeded for the sustainability of this upward trend. In particular, a close above the $3,725 resistance area could mean that Ethereum’s rally may continue.
A Downward Move in ETH Could Pull the Price to These Levels!
If Ethereum fails to surpass the $3,725 resistance level, it could initiate a downward correction. Especially, closures below this level could indicate weakness in the bull market. Currently, the first downward support for Ethereum is near the $3,620 level.
A close below this level could pull the price further down and trigger a drop towards the first major support area of $3,500 or towards the trend line. A clear move below the $3,500 level could send the price to the $3,420 support area. A break below this could lead to ETH incurring further losses, moving towards $3,350. Further down, the price could experience a drop towards the $3,220 level.
Technical Indicators Show Positive Signs for ETH
Technical indicators currently suggest that Ethereum is showing some positive signs. Particularly, the 4-hour MACD appears to be gaining momentum in the bullish zone for the ETH/USD pair.
The RSI is also currently above the 50 level, which could indicate some bullish potential.
