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Ethereum Price Surge Continues as Bulls Aim for $3,550 Resistance
Bullish Momentum Builds for Ethereum
Following a strong start, the price of Ethereum has surged past key resistance levels, signaling a bullish trend in the market. The digital currency is currently trading above $3,250, supported by the 100-hourly Simple Moving Average.
Key Resistance Levels in Focus
A short-term contracting triangle is emerging with a resistance level at $3,360, indicating a potential breakout above the $3,385 resistance zone. If successful, Ethereum could target the $3,420 level as the next major hurdle, with the possibility of reaching $3,550 in the near future.
Possible Downward Correction
In the event of a failed breakout above key resistance levels, Ethereum may face a downward correction. Initial support lies at $3,300, with further support at $3,250. A breach below $3,250 could lead to a test of the $3,220 level or the 50% Fib retracement level.
Technical Indicators
With the MACD showing bullish momentum and the RSI above the 50 zone, Ethereum appears poised for further gains. The $3,250 level acts as critical support, while resistance remains firm at $3,385.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
