Cryptocurrency markets are experiencing a surge as Bitcoin‘s price increase positively impacts other digital assets. Ethereum (ETH) in particular has seen a notable uplift, with its value climbing over 10% from the $3,050 mark, now approaching the resistance threshold of $3,550.
Ethereum’s Upward Momentum
Previously, Ethereum followed the broader crypto market’s decline, slipping below $3,350. It has since rebounded sharply after hitting the pivotal $3,050 support level, driven by a vigorous push from investors. The current price of Ethereum hovers above $3,400 and has also surpassed the 100-hour Simple Moving Average, signaling a potentially bullish short-term forecast.
Overcoming Technical Barriers
Technical charts reveal that Ethereum has breached a major downturn trend line, with past resistance around $3,400 on the hourly ETH/USD chart. The primary challenge now is the $3,550 level; a consistent close above this could catalyze further positive market sentiment and price increases for Ethereum.
If Ethereum’s ascent continues, the next target is the $3,820 level, and surpassing this could set the stage for a move towards the $4,000 mark.
Conversely, if Ethereum encounters a downturn, the immediate support lies near $3,380. A dip below this could see the price retracting towards $3,320, with a more significant concern being a drop below the key $3,220 support area, potentially driving prices down to $3,150, or even the $3,050 level.
As for technical indicators, the hourly MACD for ETH/USD is showing a slowdown in bullish momentum, while the hourly RSI remains above 50, indicating buying activity may still prevail. Current technical analysis points to a main support level at $3,380 and a crucial resistance at $3,550.
