👉👉👉 #Ethereum Price Faces Crucial Test, Can $ETH Clear This Hurdle To Kickstart Rally?
Ethereum's price is currently consolidating above the crucial $3,450 support level, with a requirement to surpass $3,560 and $3,620 to initiate a fresh uptrend in the short term.
Presently, Ethereum is trading within a range above the pivotal $3,450 support level. It maintains its position above $3,500 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a new bearish trend line is forming, indicating resistance around $3,550.
ETH made an attempt to breach the $3,550 resistance, even reaching above $3,600, but similar to Bitcoin, it encountered resistance. The price peaked at $3,614 before retracing gains and dropping below $3,500 to reach as low as $3,476. However, it's currently rebounding and climbing back above $3,500.
There's been a move above the 23.6% Fibonacci retracement level of the recent downturn from $3,614 to $3,476. Ethereum now trades above $3,500 and the 100-hourly Simple Moving Average. Immediate resistance is anticipated near $3,550 or the 50% Fibonacci retracement level of the recent decline.
A bearish trend line is forming with resistance at $3,550. Key resistance levels include $3,620 and $3,650, with potential for a rally towards $3,720 and $3,750. Breaking above $3,820 could push Ethereum to $4,000.
Failure to breach $3,550 may lead to a decline. Initial support is at $3,500, followed by $3,475 and $3,420. Breaking below $3,420 may lead to $3,320 and $3,240 levels.
Analyzing technical indicators, the hourly MACD for ETH/USD indicates a loss of momentum in the bearish zone, while the hourly RSI is currently above the 50 level.
- Key Support Level: $3,475
- Key Resistance Level: $3,550