The cryptocurrency market is witnessing a significant surge, with Ethereum (ETH) spearheading a robust advance beyond the $3,550 resistance level, in tandem with its preeminent counterpart, Bitcoin (BTC). As Bitcoin forged new highs, surpassing the $68,000 mark, Ethereum mirrored this bullish sentiment, sailing past the $3,650 threshold and signaling robust upward potential.
In what could be described as a formidable rally, Ethereum not only breached the $3,500 benchmark but also established a fresh multi-month zenith at $3,715. The asset is currently in a phase of consolidation, comfortably positioned above the 23.6% Fibonacci retracement level, which traces the ascent from the $3,465 swing low to its recent peak.
The technical indicators are strengthening, with Ethereum trading above $3,650 and steadfastly above the 100-hourly Simple Moving Average. A key supportive trend line on the hourly chart of ETH/USD anchors itself at $3,600, converging with the 50% Fibonacci retracement level of the recent bullish wave.
While immediate resistance looms near $3,720, Ethereum eyes the more formidable barriers at $3,780 and $3,850. A successful breach of these could catalyze a surge toward the $3,920 level, potentially setting the stage for a momentum-driven push to the coveted $4,000 zone. Should the rally gain further traction, Ethereum enthusiasts could witness a stretch to test the $4,200 benchmark.
On the flip side, should Ethereum encounter resistance at $3,720, a corrective dip may ensue. Underneath lies an array of support zones, beginning at $3,650, followed by the trend line support at $3,600, and subsequently the critical $3,550 marker. A slide below this juncture could tilt Ethereum toward a bearish fate, with potential targets at $3,420 and, if the descent escalates, even down to $3,350.
The Hourly Moving Average Convergence Divergence (MACD) for ETH/USD consolidates in the bullish domain while the Relative Strength Index (RSI) sustains above the neutral 50 threshold, both corroborating the prevailing optimistic sentiment.
Overall, with substantial backing at $3,600 and imminent ceilings at $3,720, Ethereum’s trajectory hangs in balance, awaiting either the confirmation of the rally’s continuity or the initiation of a corrective pause.
