The price of Ethereum (ETH) continues to recover after a correction that brought it to the $3,500 zone. Currently, ETH is trading in a bullish zone and may soon break the key resistance at $3,700.
Ethereum Maintains a Positive Outlook
Ethereum has held above the critical support level of $3,500 and remains in a positive trading zone. The price is currently above $3,620 and the 100-hour simple moving average.
The hourly ETH/USD chart shows a break above a bearish trendline that previously limited growth near the $3,600 level. This breakout suggests renewed bullish potential.
Ethereum Prepares for Further Growth
After a short-term dip, ETH retested support at $3,500. The price then resumed its upward movement, crossing the $3,600 and $3,620 levels. It also cleared the 50% Fib retracement level, measuring the drop from the $3,760 swing high to the $3,505 low.
Further resistance lies near $3,680, with a major barrier at $3,700. If ETH clears this zone, it could rally toward $3,750 and then $3,880. A decisive move above $3,880 might push Ethereum to the key $4,000 level, and in an optimistic scenario, even as high as $4,120.
Potential Decline in ETH Price
If Ethereum fails to break through the resistance at $3,700, it could face a decline. Initial support lies at $3,600, with the next significant support level at $3,550.
A drop below this level could push the price back to $3,500. Further losses might send ETH down to $3,420 or even to the critical support level at $3,350.
Technical Indicators
Hourly MACD: The MACD for ETH/USD is gaining strength in the bullish zone.
Hourly RSI: The RSI for ETH/USD is currently above 50, supporting a bullish outlook.
Key Support Level: $3,600
Key Resistance Level: $3,700
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