Ethereum Price Analysis: Can ETH Break Through $3,500 Resistance?
The price of Ethereum has been holding steady above the $3,400 resistance zone, but it is facing a key hurdle near the $3,500 level. Despite the positive trend, ETH seems to be struggling to continue higher compared to Bitcoin, which recently surpassed $65,000.
Currently, Ethereum is trading above $3,400 and the 100-hourly Simple Moving Average, with a key bullish trend line forming at $3,350 on the hourly chart of ETH/USD. The price recently reached a high of $3,515 before consolidating gains and testing support levels.
If Ethereum manages to clear the $3,500 resistance, it could potentially rise towards $3,550 and even $3,650 in the near future. On the other hand, a failure to break above $3,500 may lead to a downside correction, with initial support at $3,420 and further support at $3,350 and the trend line.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the RSI is above the 50 zone. The major support level is at $3,350, while the major resistance level is at $3,500.
Traders and investors are closely watching Ethereum’s price movements to see if it can overcome the key hurdle at $3,500 and continue its upward trend in the coming days.
