Key Takeaways:
– Ethereum’s price increase moves beyond the $3,400 zone, aiming to surpass the $3,500 resistance.
– The price of Ethereum remains above the $3,400 mark, in addition to the 100-hourly Simple Moving Average.
– If Ethereum successfully moves past the $3,550 resistance, the price could moderate toward the $3,650 resistance.
Ethereum Stays Stable Beyond $3,400 Zone
In the volatile world of cryptocurrency, Ethereum is showing signs of continuing its bullish trend, starting a fresh increase above the $3,400 level. As it consolidates this level, market watchers predict a potential move above the $3,500 resistance.
Post this leap beyond the $3,400 threshold, Ethereum maintained its stability above the $3,420 and $3,450 resistance levels. The price is currently trading above $3,400 and is comfortably above the 100-hourly Simple Moving Average.
Ethereum’s Prospective Increase Over $3,500 Resistance
The bullishness surrounding Ethereum is further evidenced by its persistent drive to go above the $3,500 resistance. Propelling past this resistance, Ethereum recently touched a high of $3,545 before witnessing minor corrections. This recent surge in value was followed by a slight dip below the $3,500 level, taking it lower than the 50% Fibonacci retracement level of the upward swing from $3,289 to $3,545.
Although the dip was noteworthy, bullish sentiments remain as the price is propped up near the $3,400 level. In fact, the key bullish trend line with support at $3,400 demonstrates the continued positive performance that Ethereum presents.
Steady Performance Above $3,420
Currently, Ethereum is trading above $3,420, displaying robust performance with the 100-hourly Simple Moving Average. While there seems to be some resistance around the $3,485 mark, Ethereum could potentially face its first major hurdle near the $3,500 level. A colossal resistance is also forming near $3,550.
If Ethereum is successful in clearing the $3,550 barrier, it might gear itself to approach the $3,650 threshold. A break beyond this could call for further gains—Ethereum could possibly rise towards the $3,720 resistance zone or even hit a high of $3,880.
Possible Dips and Supports For Ethereum
However, if Ethereum stumbles to clear the $3,500 resistance, bearish tendencies could set in leading to a slight decline. The initial support on such a downside could surface near the $3,420 level, with the primary significant support positioned around the $3,400 zone and trend line. A drastic dip below $3,400 might shift the price towards $3,350. Cryptocurrency enthusiasts, though optimistic, however, prepare for any possibility.
According to technical indicators, the Moving Average Convergence Divergence (MACD) for Ethereum is showing positive results, gaining momentum in the bullish zone. Coupled with the Relative Strength Index (RSI) firmly above the 50 mark, Ethereum seems to have found steady support at the $3,400 level, faced with a significant resistance at the $3,550 level.
In essence, Ethereum’s price seems poised for both stability and growth. Its consolidation stands testament to its strength in the face of fluctuating markets, ready to take on the next move. As it continues to test resistance levels, market watchers and crypto enthusiasts closely observe its journey, willing it to ascend further up the digital ladder.