Ethereum price is poised for a rally if it closes above $3,460
Ethereum price faced rejection from its weekly level of $3,454 and declined 2.63% on Tuesday to find support around the 61.8% Fibonacci level (drawn from its March high of $4,093 to its August low of $2,108) at $3,335. It trades around $3,420 on Wednesday, approaching its weekly resistance again.
If ETH breaks and closes above $3,454, it could extend the rally by 16% to the psychologically important $4,000 level.
The RSI on the daily chart reads at 64, above its neutral level of 50, indicating that bullish momentum is gaining traction well below overbought conditions.
