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$ETH Ethereum Price Hovers Close To Its Important Support Level!

Despite increased bearish sentiment in the crypto space, the ETH price has successfully held its value above the important support level of $3,730, indicating a rising bullish influence for the altcoin leader in the crypto market.

Ethereum Price Analysis

The Ethereum crypto has added approximately 2% to its portfolio this week. However, the ETH coin price has added 28.38% over the past 30 days, highlighting a positive outlook during the upcoming weeks.

The Simple Moving Average (SMA) shows a high possibility of a bullish convergence in its 1D time frame. Furthermore, the Relative Strength Index (RSI) displays a bullish curve below the overbought range, suggesting the Ethereum price will continue gaining value this month.

If the bulls hold the price above the support level of $3,730, the ETH crypto will surpass its resistance of $4000 and head toward its upper resistance level of $4,500 during the upcoming weeks. Conversely, a bearish trend reversal could result in the price testing its low of $3,400.