In a decisive continuation of its upward trajectory, Ethereum’s valuations surged, reaching a whopping new multi-month zenith just above the elusive $3,400 mark. Ethereum’s consistent performance echoes the consolidation pattern marked by its cryptocurrency kin, Bitcoin, suggesting the digital currency is poised for another bullish chapter.
The recent rally saw Ethereum shattering the formidable $3,400 resistance zone, as it now trade comfortably above $3,350 and the 100-hourly Simple Moving Average. Enthusiasts and strategists alike are observing the formation of a key bullish trend line, providing solid support at the $3,250 echelon on the hourly charts of ETH/USD, with data intricately pulled via Kraken.
Notably, there’s potential for a modest retreat in pricing, but any dips are anticipated to be staunchly buffered by the robust $3,250 support zone.
Ethereum’s ascent was hardly a solo journey. In a remarkable alignment, its peer, Bitcoin, vaulted above the $60,000 resistance barrier and even embarked on a charge towards the $64,000 level. Ethereum’s momentum wasn’t far behind, initiating a significant increase that cut through the $3,320 resistance with ease.
The rally was a spectacular display of digital currency fervor, with Ethereum not just soaring over 10% but even graze the $3,500 level. A fresh multi-month apex was notched close to $3,496 before the market experienced a precipitous pullback. Following a low around $3,111, Ethereum’s value is energetically regrouping for a potential new rise. Its resilience is underscored by its position above the 23.6% Fib retracement level of the recent upswing from the $3,111 low to the $3,465 crest.
In market technicality, Ethereum stands affirmatively above key landmarks — $3,350 in value and the 100-hourly SMA. The aforementioned bullish trend line remains a bulwark of support, near the 61.8% Fib retracement level.
Onward the digital currency faces resistances, initially at $3,450 and then more substantially at $3,500. If surpassed, the next consequential resistance lies at $3,550, beyond which Ethereum might catalyze a stronger bullish onslaught.
Should Ethereum’s price glide above the $3,550 resistance, a rally towards the $3,680 bracket could be on the horizon, with subsequent gains potentially calling for an ambitious pursuit of the $3,800 threshold.
Conversely, should Ethereum encounter friction at the $3,450 resistance level, a correction could ensue. The immediate downside safeguard hovers around the $3,380 mark, followed by formidable support at $3,285. An imperative support zone and trend line sit at $3,250, wherein a decisive dip below could plummet prices towards $3,120, with further losses potentially dragging down to the $3,050 benchmark.
In terms of technical indicators, the Hourly Moving Average Convergence Divergence (MACD) accentuates a bullish momentum wave, and the Relative Strength Index (RSI) for ETH/USD is maintaining above the median 50 level.
As the Ethereum landscape continues to evolve, investors lock their sights on major support and resistance levels at $3,285 and $3,450, respectively, monitoring these thresholds as indicators of the next wave in the mercurial world of cryptocurrency.
