Ethereum's price initiates a promising resurgence as it trades above the critical $3,550 level, with an eye on a further breakout over the $3,700 resistance. Currently consolidating, Ethereum is poised for potential upward movements.
Ethereum's price has seen a notable recovery above the $3,550 threshold. It trades robustly above $3,620 and remains above the 100-hourly Simple Moving Average. A bullish trend line is developing, offering support around $3,620 on the hourly ETH/USD chart, as outlined by Kraken's data feed. Clearing the $3,700 resistance point may provide the pair with significant bullish momentum.
After stabilizing above $3,420, Ethereum extended its recovery, mirroring Bitcoin's pace. Breaking through the $3,550 and $3,620 resistance levels, it overcame the $3,650 barrier, setting the stage for a push toward $3,700. A high at $3,694 marked the current consolidation phase, parked above the 23.6% Fibonacci retracement from $3,569 to $3,694.
Ethereum now sits above $3,650 with support from the 100-hourly Simple Moving Average. The trend line near $3,620 is aligned with the 76.4% Fibonacci retracement, hinting at further bullish movements. Yet, obstacles appear near $3,700. The immediate challenge lies at $3,720, whereas the primary resistance forms around $3,800. Successfully breaching $3,800 could propel Ethereum towards $3,880.
Surpassing the $3,880 threshold could pave the way for further gains. Ethereum has the potential to aim for the $3,920 zone, potentially touching $4,000 shortly. However, failure to breach the $3,700 resistance level might lead to a decline.
If Ethereum is thwarted at $3,700, it risks a downturn. Initial support rests at $3,620, with the trend line underpinning it. Key support stands firm at $3,550. Dropping below this might see Ethereum slide to $3,500, extending down to $3,420, with the next critical support at $3,350.
The hourly MACD positions itself in the bullish zone, gaining traction. Concurrently, the RSI for ETH/USD maintains above 50, indicating positive momentum. The major support level is identified at $3,620, with the significant resistance at $3,700.