Ethereum is on the rise after breaking the $3,400 resistance level. Traders are keenly observing the asset amid a strong bullish trend.
Ethereum Price Analysis
Currently, Ethereum is consolidating gains after testing the $3,420 zone. The cryptocurrency remains above the 23.6% Fibonacci retracement level from a low of $2,935 to a high of $3,423, indicating bullish dominance.
Support and Resistance Levels
On the downside, Ethereum has initial support at $3,300, with a critical level at $3,220 that may dictate the asset's future dynamics. Immediate resistance levels lie at $3,420 and $3,500.
Market Sentiment and Analyst Opinions
Strong trading volume and bullish indicators set a positive tone for Ethereum. Investors are closely watching the $3,500 resistance level, which holds psychological significance. Analysts, however, caution about potential pullbacks if the level is rejected.
The upward price movement of Ethereum is backed by strong technical signals, with many market participants eyeing further targets for the asset in the near future.
