$ETH
🚨🚨🚨Ethereum has shown significant upward movement, breaking through the $3,350 resistance level. With its recent rally, ETH now seems poised for further gains, especially if it manages to overcome the $3,550 threshold. After rising above $3,400, Ethereum has maintained momentum, trading comfortably above $3,450 and the 100-hour simple moving average (SMA).
🔥🔥The hourly chart reveals a bullish trendline, with solid support at the $3,455 mark, suggesting a favorable outlook if the price continues to build on this support.
Ethereum’s recent price action saw it surpass key resistance points, including $3,400 and $3,420. Despite encountering some selling pressure near the $3,550 level, Ethereum managed to maintain its gains, reaching a peak of $3,535 before retracing slightly. The price has since held above the 23.6% Fibonacci retracement level, from the swing low at $3,225 to the recent high of $3,534. As long as ETH stays above $3,450 and the trendline at $3,455, there is potential for a bullish continuation.
🎯✨The next major hurdle for Ethereum comes at $3,525, with a more significant resistance point at $3,550. A decisive break above this level could trigger a rally, pushing ETH towards the $3,620 zone. Further bullish momentum could see Ethereum test the $3,680 or even $3,750 levels in the coming sessions. However, Ethereum could face a downturn if it fails to break through $3,550. In such a case, initial support is seen at $3,455, followed by a more critical level at $3,375, the 50% Fibonacci retracement from the earlier rally.
If Ethereum experiences a stronger pullback, breaking below $3,375 could open the door for further declines, potentially reaching support around $3,250 or even the $3,220 zone. The next key support level after that stands at $3,110, which could act as a critical point for the bulls to defend.
