Ethereum’s price has dipped after approaching the $3,500 resistance level, falling below $3,440 and facing challenges in maintaining a position above $3,380.
Despite the decline, Ethereum is currently trading above $3,500 and holds its ground above $3,520 and the 100-hourly Simple Moving Average. A bullish trend line is emerging on the hourly chart of ETH/USD, providing support at $3,450. This line corresponds closely with the 76.4% Fibonacci retracement of the recent rise from $3,412 to $3,563. If Ethereum can sustain its position above the 100-hourly SMA, it may see another upward movement.
In its recent performance, Ethereum stayed in a bullish territory above the $3,350 mark. The cryptocurrency surged past the $3,500 resistance, although it didn’t climb as aggressively as Bitcoin. There was an initial spike to $3,563 before pulling back slightly. It is currently stabilizing near the 23.6% Fibonacci retracement from the previous swing low of $3,412 to the peak of $3,563, remaining above $3,500 and the 100-hourly SMA.
A continued price increase hinges on ETH surpassing immediate resistance at $3,550. Beyond this, significant resistance levels are observed at $3,580 and then $3,650. Should Ethereum break through $3,650, it might aim for the $3,700 resistance zone, with subsequent targets near $3,720. Successfully crossing the $3,720 threshold could propel Ether toward $3,800 in the days ahead.
However, if Ethereum fails to overcome the $3,550 resistance, a downward correction might ensue. Initial support lies around $3,500, with more substantial backing near $3,470 and the 100-hourly SMA. A decisive drop below $3,470 could push the price down to $3,440, with further losses potentially extending to the $3,350 support level or even as low as $3,320.
Technical indicators reflect the current market dynamics, with the hourly MACD for ETH/USD losing bullish momentum and the hourly RSI hovering above the neutral 50 zone. Key support and resistance levels to monitor are $3,500 and $3,550, respectively.
