Ethereum price has been struggling to clear the $3,500 resistance zone, with various attempts to break through but facing significant hurdles. The cryptocurrency is currently consolidating below the $3,550 resistance zone.
There is a key bullish trend line forming with support at $3,440 on the hourly chart of ETH/USD, indicating a potential upward movement if the price stays above this level. The price is also trading above $3,450 and the 100-hourly Simple Moving Average, which could act as a support in case of a downward correction.
On the upside, the price faces resistance near the $3,500 level and the 50% Fib retracement level, with the first major hurdle at $3,550. If Ethereum manages to surpass these resistance levels, it could potentially target the $3,650 resistance, followed by $3,720 and $3,800 in the coming days.
If Ethereum fails to clear the $3,500 resistance, it might start another pullback, with initial support at $3,460. The first major support is near the $3,440 zone and the trend line, and a clear move below this level could push the price towards $3,420 and potentially to $3,350 in the near term. The next key support level sits at $3,320.
Technical Indicators
Hourly MACD shows that the momentum for ETH/USD is losing strength in the bullish zone, while the hourly RSI is currently above the 50 zone. These technical indicators suggest a mixed sentiment in the market, with potential for both upward and downward movements in the near future.
Ethereum price is at a critical juncture, with significant resistance levels to overcome in order to continue its upward momentum. Traders and investors should closely monitor the price action and key support levels to gauge the direction of the market in the coming days.
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