Ethereum's valuation recently tumbled, dipping below the critical $3,450 mark. Nonetheless, signs of recovery are emerging as Ether attempts to climb past the $3,445 resistance. If successful, this could catalyze further gains for the cryptocurrency.
In recent movements, Ethereum saw a decline beneath the $3,500 threshold. Currently, it is trading below $3,450 and its 100-hour Simple Moving Average. Notably, there was a breakthrough of a bearish trend on the hourly ETH/USD chart, with a resistance mark at $3,300, sourced from Kraken's data. If Ethereum surpasses the $3,450 and $3,500 resistance levels, a steady increase could follow.
Ethereum's value has struggled to break above $3,500, mirroring Bitcoin's trajectory, triggering an extended loss. A bearish drive pushed it below $3,400, touching a low of $3,220, where it is currently consolidating. Meanwhile, there was a progressive move past $3,250, breaching the 50% Fib retracement level, stemming from the descent between $3,553 and $3,220.
The upward momentum met resistance at $3,300 but climbed above the bearish trend line on the ETH/USD hourly chart.
Despite these efforts, Ethereum is below the $3,450 level and the 100-hour Simple Moving Average. The $3,445 mark remains a significant obstacle, nearly aligning with the 61.8% Fib retracement level from the recent downward shift.
Breaking the $3,550 resistance is crucial. If breached, Ethereum could target the $3,650 resistance, potentially leading to further gains. A consistent surge might propel Ether towards even the $3,720 or $3,800 zones. However, failing to clear the $3,445 resistance could spell trouble.
An inability to overcome this resistance could see Ethereum decline. Initial support lies near $3,300, with major support at $3,220. A drop below $3,200 could drag the price toward $3,120 and possibly further to $3,050. A crucial support level stands at $3,000.
The hourly MACD for ETH/USD shows diminishing bearish momentum. Meanwhile, the RSI sits comfortably above the 50 mark, signifying some growing strength. Ethereum’s major support level remains at $3,220, with major resistance positioned at $3,445. As traders watch these key levels, Ethereum’s next moves will be pivotal amidst its current trajectory.
