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Cryptocurrency market activity last night is reinforcing the upward trend in Ethereum‘s value. According to the latest data, there is a new wave of increase in Ethereum‘s price above the $3,400 region. However, it is stated that ETH needs to break through the $3,580 resistance for a continued rise in the near term.
Where Could Ethereum’s Price Go?
Maintaining gains above the $3,250 support zone is emerging as an important factor for Ethereum. The price trading above $3,400 and the 100-hour Simple Moving Average is also a notable situation.
It is indicated that there has been a breakout above a significant downtrend line with the $3,400 resistance on the hourly chart of the ETH/USD pair. This suggests that Ethereum’s uptrend is gaining strength.
The Biggest Resistance for ETH
Ethereum currently trading above $3,400 and the 100-hour Simple Moving Average can be considered a positive sign for investors. However, it is emphasized that there is an immediate resistance near the $3,500 level and surpassing this level could continue ETH’s upward trend.
On the other hand, it is mentioned that the first major resistance for Ethereum is near the $3,550 level. The next key resistance is at the $3,580 level, where the price could gain upward momentum. In this case, it is predicted that ETH could rise towards the $3,720 level.
However, for Ethereum to gain more and test the $4,000 resistance, a move above the $3,720 resistance is needed.
What Levels to Watch in a Downward Trend for ETH?
Ethereum (ETH) is currently facing a critical resistance. However, if it cannot surpass the significant $3,500 resistance, a downward trend could begin for the cryptocurrency. So, what can be said for investors?
Currently, the ETH/USD pair is facing support around $3,400. Below this level, the likelihood of a price drop towards the $3,250 region increases. More importantly, a critical support zone at $3,060 should be considered.
If this support is broken, a scenario where ETH could fall to the $3,000 levels may arise. Furthermore, a drop towards the $2,880 levels is also possible.
Looking at the technical indicators, the hourly MACD for ETH/USD appears to be gaining momentum in the bullish zone. Additionally, the hourly RSI is currently above the 50 level, indicating that some buyers are active in the market.
