Ethereum Awaits Major Breakthrough Amidst Resistance at $3,650

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In the world of digital currencies, Ethereum has seen a promising hike, climbing over the $3500 mark but facing resistance near $3,580. For a favorable and more viable turn for Ethereum, it’s vital that it breaches the resistance wall of $3,650.

After a steady ascension, Ethereum appears to be consolidating its returns under the hovering shadow of the $3,650 resistance zone. Currently, its transaction rate revolves above $3,500, hence maintaining a constructive stance over the 100-hourly Simple Moving Average. Intriguingly, there’s a short-lived ascending channel emerging, featuring resistance in proximity to $3,585 as per the hourly chart of the ETH/USD data stream.

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If Ethereum overcomes both $3,600 and $3,650 resistance thresholds, it could potentially amplify its bullish momentum. After a promising rise from the $3,350 support zone, Ethereum could set a benchmark by escalating past the $3,450 and $3,500 resistance stratas. It dwarfs even Bitcoin by breaking the formidable $3,550 resistance wall.

Nevertheless, the bears are maintaining their activity under the $3,600 mark with the highest price logged at $3,586. Ethereum is now in the phase of consolidating its gains. It experienced a slight decline, falling below the $3,550 level. This depreciation in price fell under the 23.6% Fib retracement level showcasing an upward progression from the low of $3,350 to the high of $3,586.

Ethereum remains firm above the $3,500 mark and the 100-hourly Simple Moving Average. Furthermore, currently, a fleeting ascending channel exhibits resistance near the $3,585 mark on the hourly chart of the ETH/USD. On the positive end, the price might confront resistance in the vicinity of $3,580 or within the channel zone. The first substantial resistance is stationed near the $3,620 level.

An upside break over the $3,650 resistance could potentially push the prices upward. The next significant hurdle to be overcome is at $3,720. Surpassing this could allow Ethereum to gather momentum and reach the $3,750 level. A clear and confident escalation beyond $3,750 might direct Ethereum towards a larger resistance of $3,880. If the upward trajectory continues, Ethereum could potentially sprint towards a coveted $4,000 resistance zone.

In the event of Ethereum’s failure to overcome the $3,600 resistance, it could potentially signal an impending drop. The preliminary support on the downside lies near the $3,520 mark and along the channel trend line. The first formidable support stands firm at $3,500.

A definite regression below the $3,500 support could force Ethereum’s value down to $3,465 or the 50% Fib retracement level reflecting an upward thrust from a $3,350 low to the $3,586 height. Any larger losses could potentially steer Ethereum towards the $3,400 mark in the near future.

Turning our attention to the technical indicators, the MACD for ETH/USD appears to be incrementally losing momentum within the bullish domain. As for the RSI for ETH/USD, it is now looming above the 50 zone. The major support level is currently at $3,500 while the substantial resistance level is established at $3,600.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.