Target price is $3,320: Target recovery through bottom formation
The price of Ethereum (ETH) has recently returned strongly, successfully retesting and consolidating above the key support area of $2,820.
Currently, ETH has entered a consolidation phase, echoing the trend of Bitcoin, showing a strong recovery momentum. After breaking through the resistance levels of $2,880 and $2,920, a wave of upward movement is ready to go, aiming at higher prices.
From the hourly chart, the ETH/USD currency pair has successfully crossed the key bearish trend line and pointed to the resistance near $2,960.
In further upward exploration, it has hit the $3,080 resistance area and formed a high at $3,072, indicating that the price is expected to continue to climb in the short term.
Currently, Ethereum is trading above $3,000 and the 100 hourly simple moving average, while surpassing the 23.6% Fibonacci retracement level of the upward trend from the $2,894 low to the $3,072 high, showing strong bullish technical signals.
If the market ushers in a new round of recovery, ETH will face initial resistance near $3,080, and may then challenge the main resistance levels of $3,150 and $3,200.
Once the closing price stands above $3,200, it may accelerate towards the higher resistance zone of $3,320 or even $3,350.
If the $3,350 mark is successfully broken, the price is expected to climb further to the $3,500 level.
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