In the world of cryptocurrency, the focus of numerous investors is on the recent movements of Ethereum. Seizing its chance with a renewed vigor, Ethereum is eager to achieve fresh heights, as it attempts to conquer the $3,450 resistance zone. Survival demands that Ethereum firmly secures its footing above $3,550, an important milestone that paves the way for its further ascension.
On a recent upward endeavor, Ethereum slyly advanced above the $3,450 resistance zone. In an encouraging sign, its current standing situates comfortably above the significant barrier of $3,450 and the 100-hourly Simple Moving Average, creating optimistic ripples among investors. Surprising even the most seasoned traders, it broke through a substantial bearish trend line suggesting resistance near $3,415 propped on the hourly chart of ETH/USD. However, its victory remains incomplete unless it soars past the $3,520 and $3,550 resistance levels.
A rejuvenated Ethereum has embarked on a promising recovery wave, splendidly surfacing above the $3,400 level. It mirrors Bitcoin’s trajectory with its ability to overcome the $3,420 threshold and move into a short-term positive domain. Ethereum’s resilience led to a monumental rupture of the bearish trend line that aimed to halt its growth near $3,415 based on the hourly data of ETH/USD. Through sheer willpower, it even shattered the $3,500 resistance block, topping out at a praiseworthy high of $3,516 before setting into a phase of consolidating its gains.
Despite bobbing below the $3,500 level, Ethereum resolutely maintains its price above the 23.6% Fib retracement level that traces its journey upwards from the $3,350 low to the dazzling $3,516 peak. With a price consistently hovering above $3,450 and the 100-hourly Simple Moving Average, Ethereum’s buoyant performance is heralding the arrival of further climb. However, its path is not devoid of obstacles. The $3,500 resistance block continues to pose a challenge, with a more formidable hurdle lurking close by at the $3,520 level.
The $3,550 threshold comes across as the next significant test of Ethereum’s mettle. A successful closure above this level has the potential to catapult Ether towards the $3,650 resistance. The challenge ahead lies at $3,720, with a breakthrough having the promise to propel the price skyward, possibly as high as the $3,880 resistance matrix.
But the question remains: How deep might the potential dips in ETH’s journey be? If Ethereum stumbles at the $3,550 resistance formula, it might find itself on the path of correction with the downward trend. The initial safety net on the way down appears around the $3,480 mark. Major support finds its footing near the $3,440 precinct and the 50% Fib retracement level tracking upwards from the $3,350 low to the $3,516 apex.
If Ethereum stumbles beneath $3,420, the price might be propelled towards $3,350. Further losses might land it as low as the $3,320 price point in the foreseeable future. Presently, the MACD for ETH/USD basis hourly data is witnessing a surge in the bullish zone, and the RSI for ETH/USD is safely above 50. Ethereum can now count on the $3,420 level for major support but must brace itself for a substantial challenge at the $3,550 resistance benchmark.
