Ethereum Price Showing Signs of Recovery

Ethereum Maintaining Positive Momentum

Ethereum has managed to hold above the $3,500 mark, indicating a positive trend.

Ethereum’s price is currently above $3,620 and the 100-hourly Simple Moving Average, demonstrating its strength.

Breaking a bearish trend line at $3,600 on the hourly chart further supports Ethereum’s bullish trend.

If Ethereum surpasses the $3,700 resistance, it could spur a renewed upward movement.

Price Movement Analysis

Temporary Correction Followed by Recovery

After failing to breach the $3,680 barrier, Ethereum corrected lower but found support near $3,500.

Currently, Ethereum is on a path to recovery, surpassing key levels and retracement markers.

With a break above $3,600 and the 100-hourly Simple Moving Average, Ethereum is positioned positively.

Potential Upside and Downside Scenarios

Potential Resistance and Support Levels

Resistance at $3,680 and $3,700 could cap the current rally, with a major hurdle near $3,750.

A breakthrough above $3,750 might pave the way for further gains towards $3,880 and beyond.

Conversely, failure to breach $3,700 could lead to a downward move, with initial support at $3,600.

Further support levels lie at $3,550, $3,500, and potentially $3,420 in the short term.

Technical Indicators Point to Momentum

MACD and RSI Analysis

The MACD for ETH/USD is showing bullish momentum, indicating a positive trend.

Meanwhile, the RSI for ETH/USD is above the 50 zone, further supporting the bullish outlook.

Key Support Level – $3,600

Key Resistance Level – $3,700