Ethereum (ETH) has shown a solid recovery above the $3,650 level and is now targeting the critical resistance zone near $3,900. Can the bullish trend drive a significant price surge?
Ethereum Gains Strength
Ethereum remained stable above $3,500 and initiated a new rally, mirroring Bitcoin's movement. The price broke through key resistance levels at $3,650 and $3,720, reinforcing its bullish momentum.
On the hourly ETH/USD chart, a breakout above the key bearish trend line with resistance at $3,720 was observed. Bulls also pushed the price above the 50% Fibonacci retracement of the previous downward wave from $4,015 to $3,488.
ETH surpassed the $3,800 resistance zone and is currently trading above $3,750 and the 100-hour simple moving average. However, the price is encountering obstacles near $3,850.
Key Resistance Levels
The first major resistance lies at $3,890, corresponding to the 76.4% Fibonacci retracement of the recent downward wave. The primary resistance is forming near $4,000. If ETH clears this barrier, the price could target the following levels:
$4,050 – the next critical resistance.
$4,150 or even $4,220 – potential resistance zones for continued growth.
A breakout above $4,050 could signal a strong bullish trend and pave the way for further gains.
Possible Downside Scenarios
If Ethereum fails to clear the $3,890 resistance, a downside correction could follow. Key support levels include:
$3,800 – immediate support.
$3,750 – significant support.
$3,650 – another crucial level.
A drop below $3,750 might weaken the price further, pushing it down to $3,550 or even $3,500.
Technical Indicators
Hourly MACD: Gaining momentum in the bullish zone.
Hourly RSI: RSI for ETH/USD is above 50, indicating positive momentum.
Summary
Ethereum shows signs of strong growth, with the main target at $3,900. If bulls manage to surpass this resistance, the price could quickly rise to $4,000 or higher. Conversely, failure to break through may lead to a correction toward $3,500, presenting a buying opportunity. The bullish trend remains dominant for now.
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