Ethereum Price Suggests Uptrend: Dissecting Bullish Signals
The Ethereum price seems to be trying to break through the $3,420 resistance zone recently and is currently in the process of conquering the $3,480 and $3,520 resistance levels.
Ethereum price has been climbing steadily recently and has successfully stood above the $3,400 mark and remains above the 100 hourly simple moving average. From the hourly chart of ETH/USD, it can be clearly seen that the price has broken through a descending trend line located near $3,390, which is an important bullish signal in technical analysis.
Ethereum price has recently shown some recovery momentum and started a decent rebound from the $3,350 level. ETH has not only successfully broken through the $3,400 mark, but also outperformed Bitcoin. On the hourly chart of ETH/USD, the price has broken the connecting bear trend line located near $3,390, further confirming the bullish sentiment in the market.
Ethereum even broke through the $3,450 resistance zone and reached a high of $3,482, and the price is currently consolidating this achievement. Although the price briefly retreated below $3,450, it even broke below the key support of $23.63,420 from the $3,328 low to $3,482 high.
On the upside, the first resistance Ethereum faces is near $3,480. The first major resistance is near $3,500, while the next important level is $3,520. If the price can close above $3,520, then Ethereum may further rush towards the $3,550 resistance level. The next key resistance is at $3,620, and once it is broken, the price is expected to rise further and may even touch the $3,740 resistance area.
However, if Ethereum fails to break the $3,480 resistance level, then the price may fall again. The initial downside support is near $3,420, while the first major support is at the $3,400 area, which is also the $503,400 support from the $3,328 low to $3,482 high, then a further decline to $3,320 is possible. If the decline continues, the price may reach 3,240 in the short term.
From the technical indicators, the MACD of ETH/USD is accumulating momentum in the bullish zone, and the RSI is also above 50, showing that the overall market sentiment is optimistic. In this context, the price of Ethereum is expected to continue its upward trend, but it is also necessary to be vigilant about the possible risk of a decline.
