ETH Price Update: Bulls Attempting Recovery Near $3,500
The Ethereum price experienced a downtrend below the $3,500 level, briefly dropping below $3,450 before showing signs of bullish activity. Following a dip to $3,408, the price has started a recovery phase, echoing Bitcoin’s recent movements.
Bullish Momentum Building
The price of Ethereum successfully broke the $3,500 resistance zone and surged, testing the 50% Fibonacci retracement level of the downward movement from $3,726 to $3,408. Additionally, a bearish trend line was breached, indicating a positive shift in market sentiment.
Currently, Ethereum is hovering around $3,500 and is supported by the 100-hourly Simple Moving Average. The immediate obstacle lies near the $3,600 level, marking the 61.8% Fibonacci retracement level from the recent swing highs and lows.
Potential Price Targets
Key resistance levels to watch include $3,650 and $3,725, with a crucial hurdle at $3,800. Breaking above this level could propel Ethereum towards $3,880, and possibly $4,000 if bullish momentum is sustained.
Probability of Further Decline
If Ethereum fails to breach the $3,600 resistance, there is a likelihood of another downward correction. Initial support is anticipated at $3,520, followed by the $3,500 zone. A significant drop below $3,400 could lead to a further decline towards $3,320 and possibly $3,240.
Technical Analysis
Key technical indicators for Ethereum’s hourly chart suggest:
- Hourly MACD – The MACD for ETH/USD is exhibiting bullish momentum.
- Hourly RSI – The RSI for ETH/USD has crossed above the 50 level, indicating improving market sentiment.
It’s important to keep an eye on the major support level at $3,520 and resistance level at $3,600 for potential price movements.
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