Bitcoin and altcoin markets continue to be active. The king of altcoins, Ethereum (ETH), has also taken part in this activity, surpassing the $3,500 mark and thus reaching a high level after a long break. However, following this rise, corrective movements are expected, and it is predicted that the price could find strong support around $3,250.
Ethereum’s Price Accelerates
Ethereum’s price gained momentum after breaking through the $3,200 resistance zone, following the path of Bitcoin. With this movement, ETH overcame several hurdles, eventually surpassing the $3,500 level. However, after surpassing these levels, corrective movements occurred, and the price fell back to around $3,420.
According to technical analyses, the altcoin Ethereum is currently trading above $3,300 and is also above the 100-hour Simple Moving Average. On the hourly chart of the ETH/USD pair, a significant ascending trend line is forming with support at $3,260. This suggests that the price corrections could be limited.
However, significant resistance levels on the upside should not be ignored. The resistance near the $3,420 level is an important hurdle. If this resistance is overcome, it is thought that the altcoin Ethereum could gain momentum towards around $3,500. In this case, it is predicted that the price could even rise towards the $3,620 resistance.
Downward Scenarios and Key Levels to Watch
Investors in the altcoin Ethereum price should also consider downward scenarios. If Ethereum cannot surpass the $3,420 resistance, it is likely to initiate a downward correction. In this case, the first support level will be around $3,310, with stronger support levels expected at the $3,260 and $3,250 regions. A move below these levels could send the price towards around $3,120.
Looking at the chart provided above and examining technical indicators, the hourly MACD for ETH/USD is losing momentum in the bullish zone, and the hourly RSI is currently below the 50 level. This suggests a short-term weakness in the price.
The key support level for altcoin Ethereum to watch is $3,260, and the key resistance level is $3,420. If ETH surpasses this resistance, it will retest levels above $3,500. Altcoin Ethereum is trading at $3,373 at the time of writing this article.
