Ethereum's Path to Recovery: Breaking Down the Key Hurdle Ahead

In an attempt to stage a comeback, Ethereum’s price is currently working its way above the $3,400 mark. To maintain this upward momentum, ETH needs to overcome the critical resistance at $3,580.

Despite fluctuations, Ethereum is managing to hold onto its gains above the support level of $3,250.
The current price is trading above $3,400 and the 100-hourly Simple Moving Average.
A significant development was the breach of a crucial bearish trend line with resistance at $3,400 on the hourly ETH/USD chart provided by Kraken.
If Ethereum manages to consolidate above the $3,500 resistance zone, it could pave the way for further gains.

Ethereum’s Price Aims for a Rebound

Remaining steady above the $3,250 support level, ETH has laid the groundwork for a resurgence by surpassing the $3,350 resistance level, much like Bitcoin.

The climb above $3,400 was a key breakthrough, with the price surpassing the 50% Fib retracement level from its recent swing. Additionally, breaking the bearish trend line at $3,400 indicated a positive shift in the hourly ETH/USD chart.

Currently trading above $3,400 and the 100-hourly Simple Moving Average, Ethereum faces immediate resistance near the $3,500 level. This level aligns closely with the 76.4% Fib retracement level of its recent swing.

The primary obstacle lies at $3,550, followed by a crucial hurdle at $3,580. Conquering these levels could propel ETH towards $3,720, with further potential for a push towards $3,880 and possibly even $4,000.

Potential Setback for Ethereum

If Ethereum struggles to surpass the $3,500 resistance level, it may face another downturn. Initial support is anticipated near $3,400.

Key support stands at $3,250, followed by a critical level at $3,060. A clear drop below $3,060 could lead to a descent towards $3,000, and further losses might see ETH testing the $2,880 mark.

Technical Indicators:

Hourly MACD – Indicating a bullish trend with gaining momentum for ETH/USD.

Hourly RSI – Currently above the 50 level for ETH/USD.

Major Support Level – $3,400

Major Resistance Level – $3,580

Source: ETHUSD on TradingView.com

Disclaimer: The article is provided for educational purposes only. Investing involves risks, and readers are encouraged to conduct their own research before making any decisions.