Ethereum is exhibiting bullish signs, moving upwards from the $3,600 zone. Let's explore the supporting factors and potential corrections.
Current Price Growth Analysis
Ethereum's price remained supported above $3,350 and started a fresh increase, surpassing the $3,450 and $3,550 resistance levels. A high formed at $3,748, after which the price began consolidating gains. A minor dip was observed below $3,720. Currently, the price is trading above $3,550 and the 100-hourly Simple Moving Average.
Upside Momentum Prospects
On the upside, the price faces hurdles near the $3,740 level. The main resistance is expected near $3,750, with a key level forming around $3,800. A successful clearance above this resistance might push the price towards the $3,880 zone, and subsequently to $3,940 or even $4,000.
Price Correction Risks
If Ethereum fails to clear the $3,750 resistance, a downturn might ensue. Initial support lies near the $3,700 level, with critical support at $3,675. Breaking below the $3,675 support could drive the price towards $3,640 or even lower to $3,570.
Ethereum is well-positioned for growth, but it is crucial to consider key resistance and support levels. Successfully overcoming these could significantly impact price dynamics.
