Ethereum’s price is showing signs of reversal and analysts predict that it could reach $3,400 in the near future. The cryptocurrency has been gaining momentum and has successfully crossed the $3,120 resistance level. As long as ETH remains above the support level of $3,030, it is expected to continue its upward movement.
Currently, Ethereum is trading above $3,150 and the 100-hourly Simple Moving Average, indicating a positive trend. A bullish trend line is also forming with support at $3,160 on the hourly chart. If the bears fail to push the price below the $3,030 zone, ETH is likely to continue its climb.
The recent recovery wave saw ETH breaking the $3,000 resistance and reaching a new weekly high at $3,234. Although there was a slight dip below $3,200, Ethereum managed to stay above the support levels. The immediate resistance lies near the $3,210 level, followed by major resistances at $3,235 and $3,280. If the price surpasses these levels, it could potentially reach $3,350 and even $3,500.
However, if Ethereum fails to break the resistance at $3,235, a downside correction may occur. Initial support is at $3,175, followed by the major support at $3,160 and the trend line. The 100-hourly Simple Moving Average at the $3,150 level also provides strong support. If the price drops below this level, it could face selling pressure and potentially reach $3,030 or even $2,850.
Technical indicators show that the MACD for ETH/USD is losing momentum in the bullish zone, while the hourly RSI is below the 50 level.
It is important to note that this analysis is provided for educational purposes only and should not be taken as financial advice. Investors are advised to conduct their own research and use caution when making investment decisions.