Ethereum’s price is currently hovering around the $3,550 resistance level and is showing signs of consolidation. However, bulls seem ready to make another push and surpass this barrier.
Ethereum has been trading above $3,450 and the 100-hourly Simple Moving Average, indicating a positive trend. On the hourly chart of ETH/USD, a bullish trend line is forming with support at $3,440.
Despite a failed attempt to clear the $3,550 resistance zone, Ethereum remains in a bullish zone above the $3,420 support level. The price recently tested the $3,425 level but quickly rebounded, reaching above $3,450. This movement breached the 23.6% Fibonacci retracement level of the downward move from the $3,563 swing high to the $3,427 low.
The first significant resistance lies around $3,550, followed by another hurdle at the $3,565 level. A breakthrough above this could lead Ether towards the $3,650 resistance, with the next crucial resistance at $3,720. A successful break beyond $3,720 might propel the price towards the $3,800 resistance zone in the near future.
However, if Ethereum fails to clear the $3,500 resistance, a pullback may occur. Initial support is situated around $3,460, followed by the major support zone at $3,440 along with the bullish trend line. A significant drop could bring the price towards $3,420, and any further losses may lead to the $3,350 support level. The next key support lies at $3,320.
Looking at the technical indicators, the hourly MACD is losing momentum in the bullish zone, while the hourly RSI is now above the 50 zone.
In summary, Ethereum is currently battling with the $3,550 resistance level, but bulls are preparing for another attempt to break through. If successful, it could pave the way for further gains towards the $3,650 resistance and beyond. However, if the resistance holds, a pullback towards the $3,440 support level may occur.