Is Ethereum's price about to soar? Breaking through $3,700 could lead to new highs!

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Ethereum (ETH) has started a strong recovery above $3,550, aiming to break through the key resistance level of $3,700 and continue setting new highs.

Strong Recovery Momentum

After breaking through $3,620, ETH's price has steadily increased, successfully surpassing $3,650, laying the groundwork for a push towards $3,700. The price has consolidated above $3,620 and remains stable above the Fibonacci retracement level, providing strong support for an upward breakthrough.

Breaking $3,700 Could Set New Highs

If ETH breaks through $3,700, the next targets could be $3,720 and $3,800. A further breakthrough of the $3,800 resistance could see the price soar to $3,880, or even $3,920 or $4,000.

Downside Risk Analysis

If Ethereum fails to break through $3,700, it may face a correction. The initial support level is at $3,620, and if it drops below $3,550, the price could test $3,500 and $3,420.

Overall, breaking through $3,700 could potentially drive ETH to continue rising, setting new highs.

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