Ethereum (ETH) is trading higher this Wednesday (27), with its price rising more than 5% in 24 hours and approaching the US$ 3,500 level.
The cryptocurrency last traded above this level earlier this week, with the bounce considered a major bullish move.
With that in mind, check out the odds of this movement happening.
Ethereum in strong recovery
However, Ethereum is posting its sixth consecutive bullish candle on the 4-hour chart. This move comes after the asset formed a low at $3,250 the previous day (26). If this momentum continues, the V-shaped recovery (purple) will be confirmed.
Furthermore, technical indicators show that this is the most likely technical scenario. The 9-period exponential moving average (EMA) (blue) has returned above the 21-period EMA (orange), which shows that the cryptocurrency is trading at increasingly higher levels in the short term.
Meanwhile, the Relative Strength Index (RSI) is above the neutral line of 50, which shows that buyers are in control of the trend.
Ethereum (ETH) Chart on TradingView
Completing the V-shaped recovery and overcoming the $3,500 barrier would be essential for even higher prices to be reached. In this case, the next target would be $3,660, a level that acted as resistance on June 17.
On the other hand, failure to do so could result in a further drop towards the $3,300 support.
The article Ethereum (ETH) Forecast: Can the Price Recover $3,500? was first seen on BeInCrypto Brazil.
