The cryptocurrency Ethereum recently witnessed a substantial surge, crossing the significant $3,500 threshold. This milestone signals the highest value the altcoin has achieved after a considerable period of stagnancy. Despite this upward trend, experts foresee potential corrective trends that might emerge, with Ethereum finding robust support around the $3,250 mark.
Ethereum Breaks Resistance and Climbs
Following Bitcoin‘s lead, Ethereum broke past the $3,200 resistance level, climbing over various obstacles until it reached beyond $3,500. However, the ascent was met with expected corrections, pulling the price back to approximately $3,420. Analysts note that Ethereum is maintaining its position above the $3,300 mark and sustaining above the 100-hour Simple Moving Average, indicating that the price may stabilize above the ascending trend line support of $3,260 shown on the hourly ETH/USD chart.
Resistance Hurdles and Potential Declines
While the upward momentum is notable, Ethereum faces resistance near the $3,420 mark. Overcoming this barrier could propel the cryptocurrency towards the $3,500 zone and potentially up to the $3,620 resistance level. Conversely, failure to breach this resistance might trigger a corrective downturn. Support levels are eyed first at $3,310, with stronger support forecasted at $3,260 and $3,250. A dip below these benchmarks could lead to prices around the $3,120 region.
Market watchers are advised to monitor the key support level at $3,260 and the critical resistance at $3,420. The hourly MACD for ETH/USD is displaying a slowdown in the bullish momentum, and the RSI is presently below the midpoint, suggesting an immediate softening in price strength. As of the latest updates, Ethereum trades at $3,373.