Ethereum appears to be following in Bitcoin’s footsteps as indicators on the charts turn green, suggesting that it may soon match Bitcoin’s strength and surge. After finding support at the $3,080 level, ETH has started to recover and could potentially target the $3,500 resistance zone.
One positive sign for Ethereum is its ability to maintain levels above the $3,250 mark and the 100-hourly Simple Moving Average. Additionally, there was a break above a key bearish trend line with resistance at $3,280, further indicating a bullish sentiment.
If these positive trends continue, Ethereum could encounter resistance near the $3,375 level or the 61.8% Fib retracement level. The first major resistance lies at $3,400, followed by the $3,450 level. A breakthrough above $3,450 might propel Ether towards the $3,500 resistance, with the next key barrier at $3,550. A successful breach of this level could elevate the price towards the $3,720 resistance zone in the coming days.
However, in the event that Ethereum fails to surpass the $3,400 resistance, a downside correction may occur. The initial support on the downside is near $3,280, followed by the significant support zone around $3,250. A clear break below the $3,180 support could lead to a further decline towards $3,120. Additional losses might then drive the price towards the $3,080 support level, with the next key support sitting at $3,050.
As of now, the hourly MACD for ETH/USD is gaining momentum in the bullish zone, while the hourly RSI is above the 50 zone. These technical indicators suggest a favorable outlook for Ethereum.
Overall, Ethereum is showing positive signs and has the potential to match Bitcoin’s strength and surge, provided it maintains its upward momentum and breaks through key resistance levels.