Ethereum price has formed a bullish pattern, indicating the potential for a positive trend. A close above the $3,600 level is crucial for further upward movement in the short term.
Ethereum experienced a decline but managed to stay above the support zone of $3,400. Currently, it is recovering from the losses, trading above $3,500 and the 100-hourly Simple Moving Average. Additionally, there was a break above a bearish trend line, further boosting the bullish sentiment.
The price of Ethereum aims for higher levels after bouncing back from the $3,408 low. It has surpassed the $3,500 resistance level and is now approaching the 50% Fib retracement level of the downwards move from the $3,726 swing high to the $3,408 low. Furthermore, there is potential resistance at the $3,600 level, which coincides with the 61.8% Fib retracement level.
If Ethereum manages to surpass the $3,600 resistance, it could potentially reach the $3,650 and $3,725 levels. The key obstacle lies at $3,800, a breakthrough of which could lead to a bullish momentum. In this scenario, the price may rise towards the $3,880 resistance and potentially even break the $4,000 mark.
On the other hand, if Ethereum fails to clear the $3,600 resistance, it might experience another decline. Immediate support is around $3,520, followed by a major support level near $3,500. A break below the latter could push the price towards the $3,400 and $3,320 levels.
In terms of technical indicators, the MACD for ETH/USD is indicating gaining momentum in the bullish zone, while the RSI is now above the 50 level.
Please note that this article is for educational purposes only and does not provide investment advice. Conduct thorough research and consider the risks before making any investment decisions.