Ethereum's price soared above $3,550, showing strong bullish momentum, aiming for a new high of $3,680?
Ethereum experiences a brief pullback, testing the $3,550 support. The current price remains stable above $3,600 and the 100-hour moving average.
The ETH/USD hourly chart reveals that $3,650 is experiencing resistance, forming a bearish trend line (Kraken data). Once this level is broken, Ethereum may restart its upward trend.
Can the price of Ethereum reach new heights?
Although Ethereum failed to break through $3,800 and pulled back in sync with Bitcoin, breaking below the $3,650 and $3,600 support levels, even touching the $3,550 bottom line. However, after hitting a low of $3,557, the price rebounded, consecutively breaking through $3,600 and $3,620.
Currently testing the 50% Fibonacci retracement level from the $3,762 high to the $3,557 low, the upward momentum may restart.
The first major resistance level is around $3,685, which is the 61.8% Fibonacci retracement level of the downward move from the $3,762 high to the $3,557 low. The main resistance level is currently around $3,750.
A significant breakout above the $3,750 resistance level could push the price towards the $3,800 resistance level. Breaking the $3,800 resistance may bring more gains in the coming trading days. In this scenario, Ether could rise to the $3,880 resistance level or even $3,920.
Will ETH decline again?
If Ethereum fails to break the $3,650 resistance level, it may decline again. The initial support level on the downside is around $3,600. The first major support level is near the $3,580 area.
Breaking below the $3,580 support level could push the price towards the $3,550 support. If the price continues to drop, it may fall to the $3,440 support in the short term. The next key support is at $3,350.