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.

FAQs

What is Ethereum’s current price trend?

Ethereum’s price is striving to rise above $3,400 and must overcome the crucial obstacle at $3,580 to continue its upward trajectory.

Where can I find real-time ETH trading data?

You can track Ethereum’s live trading data on platforms like TradingView under the symbol ETHUSD.

What are the key support and resistance levels for Ethereum?

The major support level for Ethereum is at $3,400, while the resistance level to watch is at $3,580.