The price of Ethereum, the globally renowned cryptocurrency, is swiftly surging beyond the $3,600 resistance zone. With a robust momentum, there are high chances that Ethereum could further bolster its advance if it successfully topples the $3,725 resistance region.
Ethereum, with its bullish drive in the market, is setting its sights on climbing above the $3,725 and $3,740 marks. At present, the price is hovering over $3,650, and it is notably trading well above the 100-hourly Simple Moving Average, indicating a strong hold in the market.
A noteworthy aspect is an emerging bullish trend line that is shaping up, with ground support stationed at $3,480 on the Ethereum/USD hourly chart according to data from Kraken. If Ethereum sees a close above the $3,725 resistance zone, it can extend its rally in the market.
Spurred by a solid base that served as a launching pad, Ethereum’s price has begun seeing a commendable increase beyond the $3,500 resistance, akin to Bitcoin’s pattern. Ethereum managed to barrel past the $3,600 and $3,650 levels, embracing a positive shift.
In the past week, Ethereum saw a new record high at $3,726, the price of which is currently in a phase of consolidating its gains. It stands triumphantly over the 23.6% Fib retracement level of the upward pep from a swing low lingering around $3,224 to a high at $3,726. The cryptocurrency has witnessed an increase of over 8%, and indications are rife of more potential gains to come.
Trading well above the $3,650 mark and the 100-hourly Simple Moving Average, it’s worthy to pay attention to a connecting bullish trend line with a base support at $3,480 on the ETH/USD hourly chart.
As for immediate resistance, it is nudging at the $3,725 level with the first significant resistance coming close to the $3,750 level. The next critical resistance looms at $3,800, and if the price scales past it, it might pose a challenge to the $3,880 level. Crossing this hurdle could further stimulate Ethereum’s bullish drive.
However, in the event that Ethereum is unable to breach the $3,725 resistance, it may usher in a downside correction. On the flip side, the first sign of support appears close to the $3,620 mark. Following this, major support is near the $3,500—or the trend line—followed by the next substantial support possibly kicking in around the $3,420 zone.
If Ethereum undergoes a striking dip below the $3,420 support, then it might guide the price towards the $3,350 mark. A continuation in the loss pattern might plunge the price closer to the $3,220 level.
From a technical standpoint, the MACD for ETH/USD is fortifying its momentum in the bullish zone, while the RSI for ETH/USD has now moved beyond the 50 mark.
Overall, the major support level worth watching is $3,500 with the significant resistance level looming at $3,725. It’s indeed a captivating time for Ethereum’s journey in the crypto market space.
