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Ethereum price remains above key support zone
Ethereum continues to hold above the $3,500 support level. After forming a double bottom pattern around the 3350 mark, ETH set the stage for a new rally as discussed earlier.
The cryptocurrency outperformed Bitcoin and broke through resistance at $3,450. There was a clear move above the 50% Fibonacci retracement level of the downward move from the 3650 swing high to 3350 low. There was also a break above the key bearish trendline resistance near $3460 on the hourly ETH/USD chart.
A clear move above the $3,750 level could send Ether towards the $3,880 resistance. Any further growth could push Ether towards the $4,000 resistance zone in the coming days, we will watch the situation!
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