#币安Alpha公布第6批项目
Ethereum price approaches key resistance level: Is a turning point coming?
Ethereum's price has previously dropped quite a bit, but now it has rebounded from the support level of $3220. If it can break through the resistance level of $3550, the price may continue to rise.
Currently, Ethereum's price has started a new round of increase above $3350. The price not only exceeded $3420 but also firmly stood above the 100-hour simple moving average. On the hourly chart of ETH/USD, we can see a bullish trend line with support at $3425 (data source: Kraken).
If Ethereum can break through the resistance levels of $3520 and $3550, its price could experience a significant increase.
Ethereum's price is now stable above $3220, and like Bitcoin, it has also started to recover. It has successfully broken through the resistance levels of $3350 and $3400, and even surpassed the $3500 mark. However, bears are still quite active below $3550. The price peak reached $3534 and is now consolidating gains, slightly retracing, but has not yet fallen below the 23.6% Fibonacci retracement level from the low of $3226 to the high of $3534.
Currently, Ethereum's trading price is still above $3420 and the 100-hour simple moving average. On the hourly chart of ETH/USD, that bullish trend line remains, and the support level is still at $3425.
If it moves upward, the price may encounter resistance around $3520, with the first major level being $3540. If it breaks through the resistance level of $3550, the price may continue to surge towards $3650, potentially bringing more gains in the coming trading days. At that time, Ethereum could rise to $3720 or even $3800.
However, if Ethereum fails to break through the resistance level of $3550, the price may drop again. The first support level on the downside is near $3425 and the trend line, followed by $3375.
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