Ethereum Price Analysis: ETH rose 5% today, watch this level next

Recently, Ethereum (ETH) entered a consolidation phase after approaching the resistance level of **$3,500**. The price trend showed obvious signs of correction and may pull back to around **$3,000**, which coincides with the position of the **200-day moving average**. This price area will be a key support level for Ethereum's future trend. If the price remains above this, it may provide a platform for the next round of gains.

**Key technical indicators and support and resistance analysis**

1. **Current support and resistance levels**

- **$3,000 support area**: This is Ethereum's current key support level, which is located above the **200-day moving average**, indicating that this area may be the basis for a rebound after the price correction.

- **$3,500 resistance area**: The price has approached this resistance area, but failed to break through, causing the price to pull back to around $3,000 for consolidation. This area is also an important supply area before, and coincides with the previous high, which remains an important challenge for a breakthrough.

2. **Moving Average Performance**

- **100-day and 200-day moving averages**: Ethereum is currently trading above the **100-day and 200-day moving averages**, which indicates that the overall trend remains bullish. Despite the recent price correction, these technical indicators still support medium-term bullish expectations.

3. **RSI indicator analysis**

- **RSI (Relative Strength Index)**: The current RSI indicator is **52**, which is in a balanced state, indicating that the market is not overbought or oversold, and there is still some room for growth in the short term. This means that Ethereum may maintain a shock consolidation in the next few days or prepare to challenge the **3,500 US dollars** resistance again.

Pay attention and get the wealth code!