Ethereum has initiated a positive recovery trend above the $3,450 mark, showing signs of consolidation with the goal of surpassing the $3,500 resistance level.
The current price of Ethereum is above $3,420 and the 100-hourly Simple Moving Average, indicating a bullish trend. A bullish trend line is forming with support at $3,420 on the hourly ETH/USD chart from Kraken data feed.
To gain momentum, the pair needs to break above the $3,500 resistance level.
Ethereum’s price has steadily risen, remaining above $3,320 and continuing its recovery journey similar to Bitcoin’s recent movement. The price has successfully cleared the $3,450 resistance level, paving the way towards $3,500. After reaching a high of $3,502, the price is currently consolidating its gains.
With the price above $3,400 and the 100-hourly Simple Moving Average, Ethereum is poised for potential growth. Resistance levels near $3,480 and $3,500 stand in the way, with a key resistance forming at $3,550. A breakthrough above $3,550 could drive the price towards $3,650.
Failure to surpass the $3,500 resistance may lead to a downturn. Initial support is found near $3,420 and the trend line, followed by major support at $3,400 and further down at $3,350. Technical indicators like MACD and RSI suggest a bullish trend for Ethereum, with $3,400 and $3,500 as the major support and resistance levels respectively.
