Ethereum Price Bounces Back Yet Lacks Strong Bullish Drive

Ethereum’s price is seeing a slight recovery above the $3,450 resistance level, but it is lacking strong bullish momentum. To continue higher, ETH needs to break and settle above the $3,550 resistance level. Currently, the price is trading above $3,450 and the 100-hourly Simple Moving Average, which is a positive sign. A key bearish trend line near $3,415 was broken, and the price even surpassed the $3,500 resistance zone. However, it faced resistance around the $3,520 level. The next major hurdle is near $3,550, and a close above this level could push Ethereum towards the $3,650 resistance. If the price fails to clear the $3,550 resistance, it may undergo a downside correction, with initial support near $3,480 and major support near $3,440. The MACD and RSI indicators are showing bullish signals, adding to the positive sentiment.