Ethereum price quickly broke through the $3,350 resistance level. ETH has even reached $3,500 and is likely to continue to rise in the near future.
Ethereum is showing strength, breaking through the $3,500 level.
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The price is trading above $3,400 and above the 100-hour simple moving average.
On the hourly chart, ETH/USD is forming a key bullish trend level with support at $3,320 (data via Kraken).
The pair may continue to rise above the resistance levels of $3,500 and $3,550.
Recently, the price of Ethereum has increased by 10%, which indicates the predominance of bulls in the market.
Analysis of the current situation on the Ethereum market
Ethereum tested the resistance level at $3,500. The maximum was reached at $3,497, and the price is now consolidating growth. Bulls appear to be active well above the 23.6% Fibonacci retracement level of the uptrend from the $3,085 swing low to $3,497 swing high.
For now #Ethereum Ethereum is trading above $3,400 and above the 100-hour simple moving average. On the hourly chart, ETH/USD is forming a key bullish trend level with support at $3,320.
On the downside, the price is facing resistance near the $3,480 level. The first major resistance is near the $3,500 mark. The next major obstacle is located at $3,550. If the price closes above the $3,550 level, it could send Ether towards the $3,650 resistance.
The next key resistance is around $3,720. An upward break above the $3,720 resistance could push the price towards the $3,880 resistance zone in the coming days.
Are failures limited? #ETH ?
This depends on many factors, including the general situation in the cryptocurrency market, investor sentiment and other macroeconomic indicators. However, given the current market dynamics, it can be assumed that the likelihood of further growth of Ethereum is quite high.
If Ethereum fails to overcome the $3,500 resistance level, a downward price correction is possible. Initial support on the decline lies near the $3,400 level. The first significant support is located near the $3,320 zone and trend line.
If the price clearly breaks below the support at $3,320, it could lead to a decline to $3,270 or the 50% Fibonacci retracement level of the uptrend from the $3,085 swing low to $3,497 high. Further losses could push the price down to the $3,220 support level in the near term. The next major support is at $3,150.
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