Ethereum (ETH) Price Analysis: Can the Cryptocurrency Break the $3,600 Resistance Level?
Ethereum (ETH) is currently on a path to recovery, with the cryptocurrency trading comfortably above the $3,400 support range. In order to sustain its upward momentum, Ethereum must now focus on breaching the $3,600 threshold in the near future.
After a period of downward movement, Ethereum has managed to climb back above $3,500 and is holding steady above the 100-hourly Simple Moving Average. A significant breakthrough was also observed above a bearish trend line that had been acting as resistance at $3,500, indicating a potential bullish momentum for the cryptocurrency.
Despite a brief drop below $3,500 and even below the $3,450 support level, Ethereum received a boost from the bulls and initiated a resurgence wave. The cryptocurrency then surpassed the $3,500 resistance and tested the 50% Fibonacci retracement level from its recent plunge, signaling a positive trend.
Currently trading near $3,500 and supported by the 100-hourly Simple Moving Average, Ethereum is now eyeing immediate resistance at $3,600. If it manages to break through this level, the next resistance points lie at $3,650, $3,725, and $3,780, with a potential surge towards $4,000 if bullish momentum continues.
On the other hand, if Ethereum fails to breach the $3,600 resistance, it could face a decline with initial support at $3,520, followed by $3,500 and $3,400. Technical indicators such as the MACD and RSI suggest an increase in bullish momentum for Ethereum, with key support and resistance levels maintained at $3,520 and $3,600 respectively.
Overall, Ethereum’s recent performance indicates a potential for recovery and further upward movement, with key resistance levels to watch out for in the coming days.
