Ethereum's price is steadily rising and has surpassed the crucial $3,350 resistance level. If it also breaks the $3,550 level, ETH could witness further momentum.
Ethereum is currently in a fresh upward trend, having crossed the $3,400 level. It is now trading above $3,450 and remains above the 100-hour Simple Moving Average. According to Kraken data, a bullish trend line is providing support at $3,455 on the ETH/USDT hourly chart. If Ethereum successfully surpasses the $3,525 and $3,550 resistance levels, a significant rally could be imminent.
Ethereum, along with Bitcoin, started a strong ascent above the $3,320 level. This surge allowed ETH to clear not just $3,400 but also the $3,420 and $3,500 resistance levels. However, bearish pressure remains active below the $3,550 level.
A peak was formed at $3,535, and the price has been consolidating gains since then. A retracement saw trading below the 23.6% Fibonacci level, measuring the rise from $3,225 to $3,534. Currently, Ethereum is holding above $3,450, supported by the 100-hour Simple Moving Average. Additionally, a connecting bullish trend line is forming near $3,455 on the chart. However, the $3,500 level serves as the first major resistance.
The primary hurdle for Ethereum is now the $3,550 level. A decisive move above this level could push the price towards the $3,620 resistance. If $3,620 is breached, further gains may be seen in the coming sessions, potentially driving the price to $3,680 or even $3,750.
If Ethereum fails to break the $3,550 resistance, the price could decline. Initial support is near $3,455, where the trend line is positioned. The main support is around $3,375, aligning with the 50% Fibonacci retracement of the rise from $3,225 to $3,534. A break below $3,375 could lead to a test of the $3,250 support level. Further losses might push the price towards $3,220, with key support at $3,110.
The hourly MACD for ETH/USDT shows weakening momentum in the bullish zone, while the hourly RSI is now below 50. The major support level is at $3,425, and the key resistance level remains at $3,550.
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