Ethereum’s price has initiated a new recovery phase surpassing the $3,550 mark. The cryptocurrency is now in a consolidation phase, targeting a breakout above the $3,700 resistance level.
- Ethereum has started a notable recovery trend above the $3,550 threshold.
- The current price is above $3,620 and the 100-hourly Simple Moving Average.
- On the hourly chart of ETH/USD (data feed via Kraken), a bullish trend line is forming with support at $3,620.
- If the price surpasses the $3,700 resistance, it may gain further bullish momentum.
Ethereum Price Surges Above $3,650
Ethereum’s price has remained steady above the $3,420 level and continued its recovery rally similar to Bitcoin’s recent movement. ETH gained momentum to break through the $3,550 and $3,620 resistance levels.
The bulls managed to exceed the $3,650 resistance, paving the way for a potential move towards $3,700. After reaching a peak at $3,694, the price is now consolidating above the 23.6% Fib retracement level of the previous upward swing from $3,569 to $3,694.
Currently, Ethereum is trading above $3,650 and the 100-hourly Simple Moving Average. A bullish trend line with support at $3,620 is also forming on the hourly chart of ETH/USD, aligning with the 76.4% Fib retracement level from the recent swing low to high.
Resistance levels are seen near $3,700 and $3,720, with a main obstacle at $3,800. A successful breakout above $3,800 could push the price towards $3,880.
A breakout above $3,880 could signal further upward movement, potentially targeting $3,920 or even $4,000 in the near future.
Possible Downtrend in ETH?
If Ethereum fails to breach the $3,700 resistance, a downside correction may occur. Initial support levels are found near $3,620 and the bullish trend line, followed by a significant support level at $3,550.
A clear break below $3,550 could lead to a decline towards $3,500, with further losses possibly driving the price down to $3,420. The key support level below that is at $3,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is showing bullish momentum.
Hourly RSI – The RSI for ETH/USD is now above the 50 mark.
Major Support Level – $3,620
Major Resistance Level – $3,700
