Ethereum Price Sets Up for Next Move: Bull Case Strengthens

Ethereum 's price is climbing steadily, breaking above the crucial $3,350 resistance. If it surpasses the $3,550 mark, ETH might gain further momentum.

Ethereum is experiencing a fresh upward trend, crossing the $3,400 barrier. Currently, it trades above $3,450, maintaining its position above the 100-hourly Simple Moving Average. A bullish trend line provides support at $3,455 on the hourly ETH/USD chart, according to data from Kraken. If Ethereum successfully surpasses the $3,525 and $3,550 resistance levels, a notable increase could be imminent.

Ethereum, alongside Bitcoin, initiated a commendable ascent beyond the $3,320 level. This rise allowed ETH to clear not only the $3,400 but also the $3,420 resistance. Additionally, it overcame the $3,500 resistance level. Despite this, bearish forces remained vigilant under the $3,550 mark.

A peak was achieved at $3,535, and since then, the price is consolidating its gains. A retracement saw trading below the 23.6% Fibonacci level, which measures the climb from the $3,225 low to the $3,534 high. Currently, Ethereum remains above $3,450, buoyed by the 100-hourly Simple Moving Average. The formation of a connecting bullish trend line at $3,455 on the hourly chart is evident. However, the $3,500 level presents challenges, marking the first significant resistance.

The primary hurdle for Ethereum is now at $3,550. A decisive breakthrough above this point could propel the price towards the $3,620 resistance. Should the $3,620 level be breached, further gains are anticipated in subsequent trading sessions, potentially pushing Ether to the $3,680 or even $3,750 mark.

A failure to break the $3,550 resistance could lead Ethereum to decline. Initial support is located near $3,455, alongside the trend line. The primary support appears to be around $3,375, aligning with the 50% Fibonacci retracement of the ascent from $3,225 to $3,534. Falling below the $3,375 level may see Ethereum testing the $3,250 support. Continued losses could drive the price towards the $3,220 level shortly, with key support resting at $3,110.

The hourly MACD for ETH/USD is showing decreased momentum in the bullish zone. The hourly RSI now sits below 50. The major support level is at $3,425, while the significant resistance level remains at $3,550.