Ethereum Surges Towards $3,420 Breakthrough, Outpacing Bitcoin

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In the ever-dynamic world of cryptocurrency, the digital coin Ethereum is making another steady attempt to rise past the previously encountered resistance barrier of $3,420. Despite its continued struggle to bypass the resistance levels of $3,480 and $3,520, Ethereum remains undeterred.

In a compelling play of numbers, Ethereum, often abbreviated as ETH, has shown tenacity in moving favorably above the critical price zone of $3,420. Currently, Ethereum’s healthily fluctuating price holds steadfast above $3,400, further accentuated by the 100-hourly Simple Moving Average feature.

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In an interesting turn of events, Ethereum overcame and left behind a connecting bearish trend line notorious for its resistance abilities. This milestone occurred near the $3,390 mark on the hourly chart of the ETH/USD (a data stream through Kraken). Such progress, however, begs the need for Ethereum to break clean of the $3,480 and $3,520 resistance scopes for a faithful climb in its value.

Witnessing a decent recovery wave married with a stylish start, Ethereum breezed past the $3,350 level and even had the audacity to topple the $3,400 level, outclassing Bitcoin in an unforeseen upset. Overcoming another resistance hurdle at $3,450, Ethereum rocketed to a probing high of $3,482., and is presently consolidating its profits. A minor setback led to Ethereum dipping below the $3,450 level, dipping even further to the 23.6% Fib retracement level in the upward trajectory from a swing low of $3,328 to a high of $3,482.

Despite this, bulls in the market are now laboring to inhibit more heavy losses below the $3,420 level, with Ethereum managing to trade above both the $3,400 level and the 100-hourly Simple Moving Average.

Looking into the future, Ethereum finds itself wedged against a resistance near the $3,480 level. Major resistance levels lining up include a hurdle at the $3,500 level, followed by yet another one at $3,520. If Ethereum successfully manages to close above the $3,520 level, the price may propel Ether towards the $3,550 resistance.

Crucially, Ethereum’s next key resistance is near the formidable $3,620 level. Should Ethereum break this upside, the price could catapult even higher, with any further gains potentially flinging Ether towards the $3,740 resistance zone. Conversely, if Ethereum cannot conquer the impending $3,480 resistance wall, it could signal the start of a decline.

On the downside, Ethereum’s initial support lies near the $3,420 price level. The foremost sizeable support can be found near the $3,400 zone and the 50% Fib retracement level pertaining to the rise from the $3,328 swing low to the triumphant $3,482 high. Ethereum may risk a plunge towards $3,320 with glaring move below the substantial $3,400 level support. Further losses might even cast the price plummeting towards $3,240 in the nearby timeline.

Adding a technical dimension, the Hourly MACD indicates ETH/USD gaining traction in the bullish spectrum. The Hourly RSI shows ETH/USD hovering above the 50 zone while signposts on the financial route indicate substantial support and resistance at $3,400 and $3,480 respectively. As Ethereum continues to navigate through this landscape, the market brims with possibility.